The challenger bank, backed by real estate moguls the LeFraks and David and Simon Reuben, has provided a five-year loan facility to Impact Healthcare REIT.
It is split into two elements: an interest only term loan of £25m and a revolving credit facility of £25m.
The term loan has a margin of 265 bps and is repayable without penalty after two years, and with a 1% penalty if prepaid within the first two years. Amounts drawn under the RCF can be repaid at any time without penalty.
If the loan facility is fully drawn, the group’s loan to value would be 20% based on the group’s net assets at 31 March.
Impact Healthcare said the loan facility will help the group to manage its capital structure in line with its investment policy “in a flexible manner” and will support the group with its future growth plans.
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