19. Case Study (Part 4) Flashcards

Question

Who was the broker and how involved were they?

Answer 1

* Mantra Capital. * Frequent direct communication with Mitheridge; borrower paid broker directly.

Answer 2

* Serviced – borrower pays interest monthly/quarterly during the loan * Retained – interest is deducted from loan proceeds at the start * Rolled and Compounded – interest accrues and is paid at the end (capitalised)

Answer 3

* Interest retained upfront improves IRR due to time value of money. * Less common in debt industry but beneficial on cashflow basis. * Accounting treatment.

Answer 4

Contingency—time needed for Stage 3 & 4 design, Gateway 2 approval, contractor appointment.

Answer 5

Borrower taking money they had already invested in cash out of the scheme by borrowing against a higher MV achieved by planning gains.

Answer 6

* Red book value was higher at £27.2M * Retained loan amount for caution; loan level had already been agreed.

Answer 7

Decreased to 52% gross LTV (£28m Red Book)

Answer 8

* A security document giving the lender rights over non-property assets * May include cash, receivables, contracts, shares, etc. * Often used where borrower is a corporate SPV Two types: * Fixed charge – specific, identifiable assets * Floating charge – general assets (e.g., stock, receivables) Enables lender to appoint a receiver on default

Answer 9

* A security interest over the shares of a company (typically an SPV) * Gives the lender control over the company if the borrower defaults * Allows lender to take control of the borrower’s entity without a property transfer. * Common in development or structured finance

Answer 10

* Soft default: Breach of covenant that can be corrected or waived. * Hard default: Serious breach that may trigger enforcement. * Cure rights: Allow the borrower to remedy a breach before lenders enforce security, reducing risk of immediate enforcement.

Answer 11

Requirements that must be met before loan funds are drawn E.g. title check, valuation, insurance, KYC, legal opinions

Answer 12

Ongoing obligations after drawdown of the loan e.g. delivery of final documents, updated reports, or planning consents

Answer 13

When a term of the facility agreement has been breached.

Answer 14

Fee charged to cover administrative costs of loan servicing.

Answer 15

Fee charged for setting up the loan facility.

Answer 16

Appoint a receiver to take control of assets. (No personal experience with enforcement).

Answer 17

They provide upfront cash inflow on day 1, improving lender’s IRR.

Answer 18

Replacing the existing loan with a higher interest rate (16.7%) with ours at a lower rate (11.04%).

Answer 19

* I didn’t have visibility of the borrower’s exact WACC. * The borrower was a value-add development fund (MOF II), so I would expect their target return on equity to be in excess of 15%. * Their cost of debt on this loan was 11.04%, which forms part of the WACC. * However, WACC is based on the proportion and cost of both debt and equity, and as I didn’t have full information on their equity cost, I could not calculate this.

Answer 20

£114k They were receiving £60k a year from leases but with mutual 2 month rolling break – made assumption of no income.

Answer 21

* Depends on timing — risk and complexity vary significantly depending on whether the scheme is pre-construction or mid-build. * In this case (pre-construction), we could look to sell the site quickly at auction and offer large discount to valuation. * Receiver fees are often substantial and can erode recoveries. If stepping in mid-construction, issues include: * Finding and appointing a new contractor (time-consuming and costly). * Unknowns around incomplete works and potential cost overruns. * Potential claims or defects inherited from original works. * Limited buyer pool for large or complex development sites * Requires specialist expertise.

Answer 22

Primary security interest over an asset; lender paid first in event of default. Typically, a senior lender.

Answer 23

Secondary security interest ranks below first charge. Typically, mezzanine debt.

Answer 24

The capital stack shows the ranking of different sources of capital in terms of repayment priority. Gets paid out in the following order: * Senior debt * Mezzanine debt * Preferred equity * Common equity

Answer 25

Subordination means that the financial liability will be ranked lower than the more senior one. In case of bankruptcy or non-sufficient cash flow, the priority of payment is typically given to operating liabilities first, then senior debt, junior or mezzanine debt and equity.

Answer 26

Mezzanine is second-ranking debt, sitting between senior debt and equity. It is riskier than senior debt but offers a higher return. It may be secured (second charge) or unsecured. Highest LTV tranche.

Answer 27

No – the borrower was required to sign a negative pledge, preventing them from granting any further liens, charges, or security over the property, asset, or SPV. This protected our position as lender.

Answer 28

A Bilateral loan - A simple loan between one lender and one borrower.

Answer 29

1. Facility Agreement – Main loan contract between lender and borrower setting out the loan terms and conditions. 3. Share Charge Transfer Form – Security over the borrower’s shares in the SPV; stock transfer form pre-signed so lender can take control if default occurs. 4. Debenture – Creates fixed and floating charges over all borrower’s SPV’s assets as security for the loan. 5. Personal Guarantee – Direct guarantee from Mitheridge’s UBO to repay 10% of GDV if borrower defaults.

Answer 30

Intercreditor Deed – Governs the relationship between multiple lenders (senior, mezzanine, junior)

Answer 31

* Red Book Valuation for secured lending purposes * Construction cost report * Report on Title * Building Insurance * KYC/AML Documents * S106 reviewed by solicitors Reliance on: * Asbestos survey * GEA Contamination report * Savills Contamination report * Right of Lights report

Answer 32

A legal contract between lender and borrower detailing the terms of the loan.

Answer 33

1. Details loan amount and purpose (purchase, development, refinance) 2. Loan term and repayment terms (monthly, interest-only, bullet repayment) 3. Interest rate and fees (arrangement, commitment, exit fees) 4. Security provided (usually first charge on property) 5. Representations & warranties from borrower 6. Financial and operational covenants (e.g., LTV, insurance) 7. Conditions precedent before drawdown (title, valuation, insurance) 8. Events of default and lender remedies 9. Drawdown procedures 10. Insurance requirements and lender as loss payee 11. Transferability clauses 12. Communication and termination rules

Answer 34

1. Repayment Restrictions: Junior lenders can’t get paid until senior debts are cleared. 2. Standstill Periods: Junior lenders hold off on enforcement during defaults. 3. Security Ranking: Senior lenders have priority over assets.

Answer 35

26 Conditions Precedent 1 Condition Subsequent CP include: * Executed Facility Agreement and Security Documents * Subordination Deed * Director certificates in lender’s standard form * Title Report, Valuation Report, Planning Report (Savills), Insurance Report * Reliance on surveys * Full KYC/AML documentation and financial due diligence * Last 3 months of original bank statements * Structure chart * Evidence of repayment plan – 5 indicative refinance offers CS include evidence sufficient fundraise by month 13.

Answer 36

* The Borrower must ensure that the Loan to Value does not, at any time exceed 60%. * The Security Agent may request an updated Valuation Report at any time and expense borrower

Answer 37

14 Events of Default listed, Include: * Missed Payment: The borrower fails to pay any amount when it’s due. * Wrong Information: Any important statement or promise made by the borrower or related parties turns out to be false or misleading. * Failure to Comply: The borrower breaks the rules of the agreement and doesn’t fix it within the given time. * Serious Financial Trouble: The borrower becomes insolvent, unable to pay debts, or goes into bankruptcy. * Legal Seizure: A legal claim or seizure is made on the borrower’s assets and not resolved within 21 days. * Appointment of Administrator or Receiver: Someone is appointed to take control of the borrower’s assets due to financial distress. * Winding Up or Liquidation: Steps are taken to close down or liquidate the borrower’s business, unless it’s an approved restructuring. * Change of Control: The ownership of the borrower changes without the lender’s approval. * Material Harm: Any event occurs that could seriously damage the borrower’s financial health or ability to repay.

Answer 38

A negative pledge clause essentially obligates the borrower to refrain from granting any security interests, liens, or encumbrances on specified assets to any other creditor without the lender's prior written consent.

Answer 39

A legal right to an asset or property Right to take possession of a property belonging to another person until a debt is discharged.

Answer 40

A Report on Title confirms the legal ownership and highlights any legal claims, restrictions or risks on the property title for the lender. Produced by a solicitor.

Answer 41

Due Diligence & Searches * Property Searches – Standard checks: title, local authority, water, environmental, highways. * Bankruptcy Searches – Ensure no insolvency issues with directors/guarantors. * OS1 Search – Locks in lender’s priority at Land Registry before registration. Review of Key Agreements & Compliance * S106, S38, S278 Agreements – Checked planning and highway obligations. * JR Indemnity Policy – Covers risk of planning permission being overturned. * Planning/Building Regs Compliance – Confirmed valid consents, EPCs, CIL compliance. Security & Registration Work * e-AP1 – Registers lender’s charge electronically. * RX1 – Restriction on title: stops borrower acting without lender OK. * CH2 – Registers legal charge/mortgage with Land Registry. * DS1/Deed of Release – Discharges existing charges on title (if needed). Document Drafting * Facility Agreement – Main loan terms: amount, interest, repayment, covenants, defaults. * Debenture – Fixed & floating charges over borrower’s assets. * Share Charge – Security over SPV shares (so lender can step in if default).

Answer 42

Abstract representation of an investment opportunity.

Answer 43

Practice Information – Cash Flow Forecasting (July 2024) Practice Information – Discounted Cash Flow Valuations (November 2023)

Answer 44

Concept that £1 today is worth more than £1 tomorrow

Answer 45

* Present value of all future cashflows on an investment project. How much the investment is worth in today’s money. * Internal Rate of Return (IRR) is the discount rate that makes the NPV equal to zero.

Answer 46

1. Loan Model (Excel): Used an existing template to analyse loan-level IRR, LTV, and LTC. 2. Residual Valuation Model (Excel): Built from scratch to assess land value. Included sensitivity analysis. 3. Development Appraisal (Excel): Built a bespoke residual style model using borrower inputs (e.g. phasing, revenue, costs, finance).

Answer 47

Inputs: Loan term, interest treatment, LTV, Land MV, interest rate, fees, drawdown schedule, repayment structure, Outputs: Loan level IRR, Gross Loan, Net Loan

Answer 48

Key Inputs: GDV, (NDV after purchaser and sale costs) build costs, professional fees, planning obligations, finance costs, developer’s profit Output: Residual land value

Answer 49

Key Inputs: GDV, (NDV after purchaser and sale costs), land purchaser costs, pre-planning costs, build costs, professional fees, planning obligations, finance costs Output: Developer’s profit (usually expressed as % of cost and GDV)

Answer 50

Returns: * Calculated loan level IRR, NPV, (Fund Level IRR – on Fund model, did not use) Risk: * Loan model: LTV, LTC, LTPp ratios * Residual model: Single-variable sensitivity analysis (e.g. GDV ±10%, build cost ±10%) to see impact on land value and loan security

Answer 51

To assess variability of outputs to changes in inputs. Helps assess risk and stress-test assumptions.

Answer 52

The breakeven point is where a change in a key input variable causes the Market Value (MV) to adjust so that the Loan-to-Value (LTV) ratio hits 100%.

Answer 53

* Assumes only one variable changes at a time, ignoring combined effects of multiple variables moving together * Ignores correlations between variables and external market factors * Risks underestimating total exposure in real-world interconnected risks * Can give false confidence if used without scenario analysis

Answer 54

Multi variability sensitivity analysis Scenario analysis: Adjusts multiple variables in a 1) downside 2) base and 3) upside scenario. Probability analysis / Monte Carlo simulation: Models thousands of potential outcomes based on probability distributions of inputs

Answer 55

1. Use friendly – if colleague needed to pick it up in the future 2. Comments included to explain anything not clear / sources of hardcodes 3. Colour coding: * Blue: Hardcoded input cells * Black: Formulas/calculations * Red (brackets): Negative values 4. Logical structure: Clear separation between inputs, calcs, and outputs 5. No hardcoding in the cashflow 6. Total column at the start of the cashflow for easy checks 7. Build in checks (true or false)

Answer 56

Discount rate so that all future cashflows equal an NPV of 0, using Excel. ‘XIRR formula’

Answer 57

IRR is a strong proxy for Total Return because it incorporates both income and capital appreciation while accounting for the time value of money.

Answer 58

* If debt is used, the IRR can be amplified compared to the unleveraged Total Return. * IRR assumes cash flows are reinvested at the IRR itself, which may not always be realistic.

Answer 59

1. Build cost (5% increments) 2. Co Living Cap rate (25 bps moves) 3. Co-Living rent (2.5% moves)

Answer 60

% change from base to hit breakpoint * Rent (-6%) — most sensitive * Cap Rate (+8.9%) — second most sensitive * Build Cost (+15.5%) — least sensitive

Answer 61

* Risk is the possibility of an event or circumstance occurring that could adversely affect the achievement of objectives. * In this case objective was full loan redemption within loan term. * You can have market and property-specific risks

Answer 62

* Changes in market sentiment or economic conditions affecting lender interest. * Regulatory shifts: such as delays in Gateway 2 approvals or potential new regulation around co-living. International workers etc. * Borrower success fundraising

Answer 63

Used a Risk Assessment Matrix: * Risk Explained * Likelihood: Low, medium, high * Impact: Low, medium, high SWOT is a diagnostic tool that could help identify the risks in the first place.

Answer 64

1. Uncertainty over the Borrower’s ability to fund the required equity for a refinance exit. 2. Uncertainty over the Borrower’s ability to secure development finance given their lack of experience developing and operating co-living assets.

Answer 65

* Flood Risk: Low likelihood, mitigated by approved flood defences and planning conditions. * Build Cost Increase: Rising costs from inflation, supply chain issues and reduced labour could impact budgets. * Rent Decrease: Market shifts may reduce rental income and affect loan repayment. * BSA Delays: New building safety rules and levies could delay construction and add costs. * Competition: Nearby projects may reduce demand and pressure rents.

Answer 66

* Cain International * Maslow * ICG

Answer 67

1. Gateway 2 approval 2. RIBA Stage 3 & 4 3. Appoint a contractor 4. Raise required equity investment 5. Discharge pre commencement planning conditions (demolition plan)

Answer 68

* Interest rate: 1 Month Sonia + 4.20% - 5.05% * Sponsor equity ahead of first drawdown: c.£30M - £38M * Loan quantum, lower of: - LTC (total dev cost): Varied from 65% - 75% - LTGDV : Varied 55% - 62.50% * Term: 30-36 months + extensions

Answer 69

Private Treaty * Most common for sites with planning. * Allows flexibility, negotiation, and due diligence. * Can target specific buyers (e.g. co-living operators, institutional investors). * Helps maximise value and realise planning uplift. Informal Tender * Structured but flexible—offers invited by a set deadline. * Encourages competitive bidding. * Suitable if developer wants a quicker sale while still maximising value. * Reduces holding costs and debt erosion. Auction * Less likely for a developer aiming to maximise uplift. * May be used by a lender if enforcing the loan to achieve a fast, certain sale.

Answer 70

Define forward funding? An investor agrees to buy the development site and fund construction in stages, with a pre-agreed price to purchase the completed property, usually at practical completion.

Answer 71

Although we couldn’t formally test the market due to a signed NDA —and acknowledge that Halcyon had a vested interest in the scheme — they indicated that the DTZ Co-Living Fund, an institutional investor they work closely with, could be a potential acquirer.

Answer 72

No, we didn’t, due to a signed NDA. Client confidentiality was key, and we were confident in the borrower’s ability to deliver the scheme.

Answer 73

* It had full planning consent – no planning issues * Counterparty was strong * Flooding risk addressed * Was for legal purposes * No KYC/ AMIL red flags

Answer 74

I would likely have proceeded without the Condition Subsequent requiring notification of a sufficient equity fundraise by month 13, and without the personal guarantee. The loan remains strong, with a conservative Loan-to-Value (LTV) ratio of 60%, supported by solid exit prospects. From my understanding, the company has never actually enforced the personal guarantee, it is as much to demonstrate borrower’s skin in the game. The Condition Subsequent mainly provides us with additional time, but as long as we maintain a good, transparent relationship with the borrower, we could uncover relevant information without this condition.

Answer 75

* Overall: Low levels of construction/development starts across the market. * Why? Rise in interest rates – made debt more expensive, killing deal viability & * Rising build & labour costs – inflation in materials and wages pushed up construction costs. * Result: Fewer viable schemes – many developments no longer stacked up financially. * As a result, fewer lending opportunities – less demand for debt = reduced deal flow. * Overall market slowdown – developers sitting on the sidelines, waiting for conditions to improve.

Answer 76

* Deal flow constraints ≠ reason to lend – didn’t compromise on credit quality. * Client objectives came first – focus was on delivering target return, not just deploying capital. * Target return relied on full loan redemption – couldn’t risk losses for the sake of activity. * Only progressed with suitable risk opportunities – each deal had to meet risk/return criteria. * Thorough due diligence remained key – regardless of how many opportunities were in the market. * Would not lend if risk unacceptable – even in a slow market.

Answer 77

1. Asbestos Risk * CC concerned about asbestos, even though risk falls outside our loan term. * Confirmed sufficient demolition cost headroom (~£400,000 or £29/m²) to cover asbestos removal. * Acknowledged asbestos remains a risk for future finance providers and could affect our exit strategy, but within our loan term risk was low. 2. Rent Levels * CC questioned rent assumptions. * Provided evidence: 90% of units let at £1,970, aligned with market. * Units bigger than many local schemes. Compared to: o Local PRS rents over £2,500 (without gym, bills included). o Student schemes (e.g., Rockingham Street at £2,420 pcm, council tax exempt). * Valuer’s assessment thoroughly integrated. * Older demographic of renters than CC believed – 72% of residents are between 26 and 40. 3. Cap Rate / Yield * CC questioned if yield too sharp given recent Bank of England rate hold and debt at 4.75%. * Evidenced Wood lane (Forward fund) at 4.35%; Canary Wharf the Collective sold at 4.1% in 2022, Battersea, The Collective sold at 4.25%. Also, my director spoke to a number of PBSA deals at <4.5%. * Knight Frank Prime Yield Guide - London Co Living: 4.25% 4. Occupancy/ Fill rate of 50% and 30 units a month there after * Knight Frank, Co Living Sep 2024 report – said co Living schemes in London fill by an average of 80 units per month.

Answer 78

* Yes, both my director and I signed an NDA before receiving the initial information memorandum. * In line with RICS Professional Standard CoI 2017 – maintained confidentiality of Confidential Information unless disclosure is required or permitted by law. * Adhered to Rule of Conduct 1: Honest / Act with Integrity.

Answer 79

* Personal guarantees can create undue pressure on individuals. * Must comply with RICS Rule of Conduct 1 – Act with Honesty and Integrity. * Ensure the guarantor fully understands the extent and implications of the personal guarantee. * Transparency is key: provide clear information and confirm the guarantee is voluntary and informed. * Consider the guarantor’s commercial astuteness and financial capacity – in this case commercially astute high net worth individual.

Answer 80

* Rule 1: Honest, Transparent, Act with Integrity * Clearly explained arrangement fee is % of gross loan, not net. * Fully disclosed all associated fees upfront.

Answer 81

* Rule 2: Maintain Competence, Ensure Competent Service * Instructed Savills Earth, specialist planning team, for detailed report. * Acknowledged I am not a building surveyor; gave opinion only on location suitability for co living rather than building condition from my inspection.

Answer 82

* Rule 3: Deliver Good Quality & Diligent Advice/Service * Thoroughly checked and clearly presented Credit Committee reports. * Paid attention to detail to ensure quality of advice.

Answer 83

* Rule 4: Respect & Promote Diversity and Inclusion * Treated all parties with respect, even during tough borrower negotiations and where broker was trying to chip on rate to prove worth to their client. * Maintained professionalism throughout interactions.

Answer 84

* Rule 5: Take Responsibility & Act in Public Interest * Ensured asbestos management survey was completed. * Acted to protect community members and site visitors health and safety.

Answer 85

* Explained formal process and key milestones upfront. * Highlighted weekly Credit Committee schedule—missing deadlines means a week’s delay. * Flagged risks around external report delivery. * Assured borrower we’d work late to get papers written but that we can’t rush for approval with incomplete info. * Regular reminders and referenced past loan timelines to keep expectations realistic.

Answer 86

* Used visual aids: photographs, maps, charts and summary tables to highlight key points (structure chart, table for accounts) * Structured the presentation logically: context, analysis, risks, and recommendations. * Encouraged questions at the end of my presentation: to ensure clarity and understanding.

Answer 87

* Borrower accepted the loan quantum as they had a £7m equity inflow from MOF II planned. * They pushed hard for a lower interest rate to reduce costs. * However, Timing was their main driver—they wanted to complete the loan before Christmas to avoid over-term fees with the current lender. * I leveraged this urgency to hold firm on the interest rate, also highlighting the risk certainty of a fixed rate versus a floating one. * Maintained transparency throughout while fostering a positive, collaborative relationship.

Answer 88

* Adopted a cooperative win-win approach, focusing on mutual benefit. * Prepared thoroughly, knowing both parties’ bottom lines. * Used active listening to understand borrower concerns. * Maintained clear and honest communication to build trust. * Proposed solutions clearly and closed by confirming agreement in writing, sending over updated HoTs.

Answer 89

Yes. Developer committed to 475 kgCO2/m² GIA upfront embodied carbon target.

Answer 90

A way of creating and improving habitats to deliver measurable positive impact on biodiversity through the development process or through land management. * From February 2024, developments must secure at least 10% BNG for 30+ years, either on-site or off-site. * BNG is calculated using the statutory BNG metric.

Answer 91

The BNG assessment showed a total net gain of 2,225% in ecological value based on the planning application’s landscape design.

Answer 92

* The Building Research Establishment Environmental Assessment Method * A voluntary environmental assessment tool. * Building will be rated by BREEAM assessor with reference to nine environmental categories including energy consumption, water use, transport links. * Pass – Good – Very Good – Excellent – Outstanding

Answer 93

* The scheme has been designed in line with the BREEAM WAT targets at the pre-assessment stage. * BREEAM WAT targets refer to the specific sustainability criteria related to water efficiency and management within the BREEAM assessment framework. * The design will be developed further within the BREEAM Design Assessment but targeting Outstanding.

Answer 94

* Energy Performance Certificates (EPCs) assess a building’s energy efficiency and environmental impact. * They measure how much energy a building uses and its carbon emissions, rating it from A (most efficient) to G (least efficient). * EPCs help inform improvements to reduce energy consumption and lower running costs.

Answer 95

* SAP (Standard Assessment Procedure): The UK government’s official method to assess the energy performance of dwellings, calculating energy use, carbon emissions, and EPC ratings based on detailed building data. * HEM (Household Energy Model): A simpler, modelled approach used mainly for large-scale energy consumption estimates, relying on average household data rather than detailed building specifics. * SAP Methodology Under Review: SAP is being updated to better reflect real-world energy use, new technologies, and future regulations aiming to improve accuracy and support net-zero carbon targets.

Answer 96

CREDF III is an Article 8 fund under the EU Sustainable Finance Disclosure Regulation (SFDR), meaning it promotes environmental and social characteristics without having sustainability as its primary objective. In lending decisions, we consider ESG factors such as: * Biodiversity Net Gain and ecological impact. * Embodied and operational carbon targets (WLCA) * Energy efficiency (EPC) * Use of renewable energy and low-carbon technologies (e.g., heat pumps, electric systems). * Sustainability credentials (BREEAM) * Health & Safety compliance and community impact, including worker minimum wage and trainee schemes. * Counterparty (B Corp) This brownfield development showed a 2,000%+ biodiversity net gain, strong ESG credentials, and the counterparty was a B Corp. All of these factors fed into my recommendation to proceed with the loan.

Answer 97

* The building is proposed to be all electric. * Heating and hot water will be provided to all units via a centralised air source heat pump energy centre.

Answer 98

Green roofs to all roof areas across both blocks

Answer 99

Confirmed that the borrower has not received any Improvement Notice, Prohibition Notice, or Health and Safety Executive prosecution.

Answer 100

Co-living is a modern housing model providing small private typically studios within larger developments that feature extensive communal spaces like kitchens, gyms, co-working areas, and lounges.

Answer 101

Over £1.1bn investment in the last 5 years

Answer 102

According to Knight Frank, 45% of institutional investors plan to invest in this asset class by 2028 (up from 32%).

Answer 103

* Strong demand Large tenant pool – residents aged 26 to 40 Strong lease up rates High tenant satisfaction * Predictable income stream, low volatility * Relatively new asset class potential for sharpening yields * ESG alignment, more affordable model / per person environmental footprint reduced / fosters the sharing economy.

Answer 104

Major growth in London, followed by key regional cities (e.g. Manchester, Birmingham). Demand-driven focus in urban areas with young professionals.

Answer 105

Emerging asset class, often under sui generis use. Fast-growing pipeline. ESG-friendly and often includes tech-enabled living and community-building.

Answer 106

Octopus Capital, Pluto Finance, Investec, Puma Property Finance.

Answer 107

* Halycon – Development Manager * Conscious Co-Living – Think tank and consultancy shaping ethical and community-driven co-living frameworks.

Answer 108

* World’s first institutional co-living fund (2019) * Originally with The Collective * Created Folk brand * Institutional-grade product.

Answer 109

JV: HUB + Bridges Fund Management acquired Sandringham Mews, Ealing (318-unit consented scheme). Most acquisitions are land with planning consent.

Answer 110

* 19 operational schemes * 1,212 units under construction * 7,800 beds in planning

Answer 111

Property Finance & Funding – managing bridging loan from start to finish (excluding portfolio management). Better understood key legal negotiations. Client care – simultaneously managing relationship with Borrower and Credit Committee / Priorities of my client.

Answer 112

* Should have done more research on local demographics and co-living market trends for Green Light– would’ve helped prepare better for Credit Committee. * Regular internal meetings, myself, Director (James), Credit (Rob). * Checked in with valuer before they sent draft report – a lot of clarification questions.

Answer 113

Net Internal Area, is the usable area within a building measured to the internal face of the perimeter walls. Includes cupboards, internal circulation space. Excludes: plant rooms, structural walls, headroom under 1.5m.

19. Case Study (Part 4) Flashcards

(142 cards)