Anna Thompson – Bridging originator at Pallas Capital

The 60,000 sq ft office, a modern refurbishment of an historic granite warehouse, was refinanced via a 12-month loan agreed at 70% LTV while the borrower awaits longer-term commercial debt.

The asset was originally acquired in 2015 and subsequently enhanced through a £16.5 million high-specification redevelopment. It remains consistently let to established corporate tenants and serves as a prominent business hub.

Although the borrower had secured terms for long-term refinancing, traditional banking timelines could not meet the immediate deadline, prompting Pallas Capital to provide a swift bridging solution.

The deal was led by Anna Thompson, bridging originator at Pallas Capital, who managed the complex commercial valuation and legal hurdles to achieve completion.

To meet the tight deadline, underwriting focused on the fundamental strength of the asset. Because the property features stable, long-term leases with no break clauses extending past the loan term, the facility was modelled on full market value rather than vacant possession, allowing the debt to be comfortably serviced by quarterly rental income while protecting tenants from disruption.

Anna Thompson, Bridging Originator at Pallas Capital, said: “This transaction shows how flexible bridging finance can step in to provide stability when traditional banking timelines put institutional-grade commercial assets under pressure.

“Our primary focus was maintaining absolute continuity for the building’s established tenants, ensuring their day-to-day operations remained completely undisturbed.”

This project, part of Pallas Capital’s growth across the Scottish commercial property sector, was facilitated by the expertise of broker Raj Vilkhou, the firm’s director of express financial services.