Shoosmiths advises Sancus on £12m funding into Scotland's innovative Heartlands development
Situated in the central belt of Scotland along the M8 corridor, the Heartlands development spans approximately 1,400 acres and when completed will comprise residential, business and leisure facilities.
The £12m funding will refinance and provide working capital facilities in connection with the development that aims to provide its residents with a sustainable way of living through recycling and reusing of natural resources.
Sancus is a leading alternative finance provider, matching the funding requirements of businesses and entrepreneurs. They offer financing and flexible funding to small-medium enterprises (SME's) and entrepreneurs through a range of working capital solutions for trading entities, secured cash flow funding for businesses and asset backed loans.
The Shoosmiths team was led by senior associate and real estate finance specialist Sheelagh Cooley and banking associate Jen Paton with assistance from real estate solicitor Kieran Ogilvie and other members of the real estate and banking teams.
Andy Whelan, CEO of Sancus, commented: "The commercially astute advice and dedication provided by the Shoosmiths' team ensured the funding deal was completed within a short time frame. We look forward to working with the team again on future projects."
Sheelagh Cooley added: "We are extremely pleased with the pace and successful outcome of this project for Sancus and wish both parties involved the very best in their ongoing relationship."
Shoosmiths' real estate finance team provides advice to banks and financiers on real estate funding including on all aspects of real estate investment, development and sale. The team is involved with drafting and negotiating complex syndicated facilities, revolving credit facilities, mortgage book acquisitions, investment finance, and development finance and funding services to not-for-profit sectors such as education, social housing and charitable institutions.
Nationally, the corporate team is ranked in first place by deal volume in Experian's 2016 MarketIQ UK & Ireland M&A league tables. The team was recognised for its mergers and acquisitions expertise at the 2015 M&A Awards, winning the Law Firm of the Year category.