If you’re a property developer or investor with numerous projects, who would like to achieve expansion in a difficult borrowing climate, it may be necessary to approach two different banks for different projects. If this is the case, Glaisyers can help.
It might be that one bank or invoice finance company has a debenture or a charge over projects 1 and 2 and, in order to complete the second project, you need more funding from another bank. This second bank may be prepared to provide the loan by way of a second charge on the second project on condition it secures a first legal charge against your next completed project. It is this situation that gives rise to an inter-creditor deed or deed of priorities.
With Glaisyers’ banking expertise, we oversee the negotiation of a priority arrangement to satisfy all parties involved. Both banks can be sure they have adequate security, and you can be sure they don’t unduly restrict the ability of your business to carry out the various projects.