Commercial First refinances to raise £40m working capital

  • Story by: Catherine Couch
  • Magazine: MortgageAdviser
  • Published Friday , May 23, 2008

Commercial First has refinanced its business with Lloyds TSB, creating a £40m three-year working capital facility.

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This is in addition to the £12m in shareholder equity raised in December and May.

The facility will enabled the lender to secure long-term stability after it made the decision to suspend all new lending in March of this year.

Commercial First said while the refinancing would not mean an immediate return to the market, it did ensure the business could continue to effectively manage its existing £1.6bn portfolio.

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