Cynergy bank provides Foxatech Limited with £2.7m in financial support
22 July 2021 – Foxatech Limited, a real estate consultancy, has received a capital injection from Cynergy Bank.
- Cynergy Bank has provided Foxatech Limited with a total of £2.7m in financing. This CBILS loan has enabled the owner to redeem external development finance and retain assets post the development of five luxury highly desirable flats, the Chantry Point project, in an excellent location in the Guildford area.
- While the Government guarantee is for six years, recognising the significant disruption COVID-19 has caused to the property sector, Cynergy Bank was able to structure the loan on flexible terms including a significant interest-only period and 24-year repayment profile.
- The purpose of the loan was to ensure that Foxatech Limited could retain its development asset. COVID-19 has impacted the property markets and subsequent sales which led to the company’s decision to retain and let.
- Foxatech Limited offers extensive consultancy services for the real estate industry and has been involved in successful projects in London, Milan and Frankfurt. Founder Charles Young has vast experience as a lead consultant covering feasibilities, planning, construction and consultant team management for projects involving blue chip corporate clients.
- Foxatech Limited was advised by Gordons Partnership LLP – Michael Slade and Sophie Woodman.
- Cynergy Bank was advised by Fieldfisher LLP – lead Charlotte Round.
Charles Young, Founder of Foxatech, commented: “Foxatech Ltd is delighted to have partnered with Cynergy Bank on the refinancing of a development loan for the Chantry Point project, Guildford. From the outset, David Cooper at Cynergy, provided us with a professional service and has been a pleasure to deal with at all stages. We look forward to partnering on future developments.”
David Cooper, Relationship Director, Cynergy Bank commented: “We are pleased to support the investor and developer during what has been a testing time due to COVID-19 and provide an exit and long-term viable option against quality assets.”
Cynergy Bank reached a significant milestone earlier in 2021, lending over £200m to SMEs through the British Business Bank’s Coronavirus Business Interruption Loan Scheme (CBILS).
The bank was able to assist both existing and new customers, with 57% of loans going to existing customers and 43% to new customers.