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The Discovery Report- Bulletin 2015

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The Discovery Report- Bulletin 2015

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Voltaire Financial have the pleasure in presenting our inaugural half yearly bulletin.
To view and download the full report click here

 

Sector Focus: The changing face of residential development finance by James Thomlinson

Hand in hand with the move away from super-prime property comes a shift in focus from zone 1 London into zones 2-6 and beyond; within Greater London still represents most lenders’ geographical sweet spot. However a growing number of lenders are prepared to look farther afield and in some cases venture deeply into the regions including the South West and North East. 
There is no doubt that sentiment will continue to change during 2016 and in many ways this will be welcomed by the marketplace. The recent announcement that permitted development rights will be extended beyond the current deadline of May 2016 will maintain the fuel for what has been a very feasible type of development. We look forward to seeing what else the new year will bring.

 

Guest Article: Don’t get left in the dark; Problems arising from rights of light by Ian Rowson, Partner Head of Real Estate Freeths LLP London

Until the law is reformed, rights of light are still a topic that need to be treated with extreme care in the context of large-scale development and regeneration schemes in built up areas.  Whilst the Law Commission has put forward certain proposals to significantly reform the law and one of the Judges in the Supreme Court called for reform in the Lawrence Case, a great deal of uncertainty still exists.  In practice, because of the Heaney Case, rights of light are very difficult to obtain title insurance cover for. 

For the time being on large schemes involving public sector bodies, the safest and most practical option appears to be to persuade the local authority to utilise its powers under s237 of the Town & Country Planning Act.

 

Tax Update: A brief guide to annual tax on enveloped dwellings (ATED) by Brian Dunk

Finance Act 2013 introduced a new annual tax on ownership of high value residential property held by non-natural persons.

The tax, known as the annual tax on enveloped dwellings (ATED), applies to residential dwellings owned by companies, partnerships (including limited liability partnerships) where there is a corporate partner and also collective investment vehicles. 

 

Bridging Trends: ‘Bridge to Market’ by Andrew Hosford

There are a number of reasons that property developers need or want to increase the length of their development facility.

Cost overruns, planning enhancements or revised internal layouts and long periods of bad weather to name just a few. Though these factors are clearly not always developer faults and certainly not all negative issues, development lenders are often reluctant to extend their loans regardless.

 

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Voltaire Special Opportunities

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Voltaire Special Opportunities

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Voltaire Financial has established an origination partnership for asset-backed special opportunities with a prominent European investment fund.

The fund provides loans or investments over short and medium terms of typically between £10-50m through a fully discretionary fund vehicle.

Significant flexibility exists to structure facilities appropriately according to the transaction, including development, restructuring and acquisition or growth capital. As an illustration this enables monies to be drawn in stages and interest to be serviced current or rolled up. Up to 100% loan-to-cost may also be available if security over additional assets can be provided.

A £50m facility was closed in May 2015 - the first originated by Voltaire for the fund partner - with a further £95m currently in the pipeline.

All real estate asset classes will be considered including residential, office, industrial, care, social housing, hotel, land and development. Appetite also exists for other hard and financial assets such as invoices, claims and distressed loans.

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Contact
Phone: +44 (0) 207 182 1740
E-mail: info@voltairefinancial.com
Website : www.voltairefinancial.com 

Voltaire Financial LLP 3rd floor Moss House 15-16 Brook's Mews Mayfair, London W1K 4DS

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Voltaire financial advises social housing specialist on major portfolio expansion

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Voltaire financial advises social housing specialist on major portfolio expansion

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As part of an ambitious expansion plan, Caridon Property Services, advised by Voltaire Financial, has closed a financing transaction with RoundShield Partners, to support its social housing portfolio expansion to 5,000 residential units under management within the next five years. 

Voltaire Financial has an exclusive sourcing relationship for asset-backed special opportunities with RoundShield Partners.

Roy Ledgister of Caridon said: “There is a huge need for high quality, social housing in London and the financing package that RoundShield Partners has provided will allow us to take advantage of opportunities within this market. This significant investment, will allow us to substantially expand our portfolio and investment platform over the next couple of years.” 
Dorothee Queyroux of Voltaire Financial, who advised Caridon in relation to the financing and structuring of the transaction, added: “Caridon has built its reputation by developing and managing top-quality social housing in areas of London that need it most. While the potential for this market is huge, it is a sector that has been overlooked by many investors.
“RoundShield Partners, with whom Voltaire Financial has an established and exclusive sourcing relationship for asset-backed special opportunities, will provide Caridon the necessary financial support to capitalize on this significant market opportunity”. 
Voltaire focuses on arranging property finance for investors and developers across all asset classes.

In England there are approximately 1.4 million households on council waiting lists for social housing, more than 250,000 of which are in London. On the supply side, only 50,000 homes were built or acquired by Local Authorities and Housing Associations on average in each of the last ten years and this is not expected to increase going forward. This has left a significant shortfall of housing for council tenants, which needs to be filled by private landlords. 
With the support of its new financial partner, Caridon has recently completed the purchase of a vacant office building in Crawley. Over the coming months the property will be converted into residential apartments that will be let primarily to the social sector. In addition, Caridon is in the process of acquiring several other properties with similar characteristics.
 

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Contact
Phone: +44 (0) 207 182 1740
E-mail: info@voltairefinancial.com
Website : www.voltairefinancial.com 

Voltaire Financial LLP 3rd floor Moss House 15-16 Brook's Mews Mayfair, London W1K 4DS

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Update: Voltaire's Stamp Duty Land Tax (SDLT) cost comparison table

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Update: Voltaire's Stamp Duty Land Tax (SDLT) cost comparison table

Under the new regime, no tax will be paid on the first £125,000 of a property, followed by 2% on the portion up to £250,000, 5% up to £925,000, 10% up to £1.5 million and 12 % on everything over that.

Contact
Phone: +44 (0) 207 182 1740
E-mail: info@voltairefinancial.com
Website : www.voltairefinancial.com 

Voltaire Financial LLP 3rd floor Moss House 15-16 Brook's Mews Mayfair, London W1K 4DS

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Government needs to address uncertainty over permitted development rights

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Government needs to address uncertainty over permitted development rights

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House builders looking to deliver much needed new homes in the UK under Permitted Development Rights (PDR) are finding that finance is becoming more difficult to secure due to deadlines set by the Government and these concerns need to addressed, according to Voltaire Financial LLP. 

James Thomlinson, founding partner at Voltaire Financial says: “We are seeing a marked hesitancy amongst otherwise willing and active providers of residential development finance in relation to schemes that qualify for Permitted Development Rights. The key issue for them is the Government’s current deadline of May 2016, by which time completed residential units must be occupied. 

“Many believe that this deadline will have to be extended beyond this date but if it isn’t there is no longer sufficient time for all but the smallest of projects to comfortably acquire the property, obtain planning via PDR, construct and either sell or let the finished units. 
“The Chancellor’s Autumn Statement would have been the perfect opportunity to address this issue but with so many other topics in the spotlight and a General Election approaching it does not seem to be getting the attention it deserves and this will lead to continued uncertainty in what has become a method, almost universally embraced by developers, for delivering increased numbers of new homes onto the market.”

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Contact
Phone: +44 (0) 207 182 1740
E-mail: info@voltairefinancial.com
Website : www.voltairefinancial.com 

Voltaire Financial LLP 3rd floor Moss House 15-16 Brook's Mews Mayfair, London W1K 4DS

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Voltaire closes £125m loan

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Voltaire closes £125m loan

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Voltaire Financial are pleased to report the closing of a £125m transaction for a student accommodation operator.
In addition to the above Voltaire Financial have closed a range of student accommodation transactions during the last 18 months including:

  • £12m for the refinance and conversion of a single asset located in the West Midlands
  • £9m of JV equity for an owner-operator refurbishing terraced stock throughout the UK
  • £3m for the acquisition of a trading asset in Wales

Contact
Phone: +44 (0) 207 182 1740
E-mail: info@voltairefinancial.com
Website : www.voltairefinancial.com 

Voltaire Financial LLP 3rd floor Moss House 15-16 Brook's Mews Mayfair, London W1K 4DS

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