The Background
This case involved a long-established property investment group with over 25 years of experience acquiring, managing and holding commercial assets.
The group operated through a highly complex structure, spanning more than 230 companies, with immediate ownership split across multiple limited companies and a UK discretionary trust. While the underlying assets were strong, historic adverse credit across parts of the wider group - including previous company liquidations - had made refinancing increasingly difficult.
The client needed to refinance an existing parade of retail assets in Bristol, but conventional lenders were unwilling to engage once the full structure and history were understood.
The Challenge
The issue wasn’t the property or the loan size - it was complexity.
Most lenders struggled to assess:
the layered ownership structure
the interaction between corporate entities and the family trust
historic adverse credit that, while no longer operationally relevant, still influenced underwriting decisions
The risk was that the client would either be declined outright or forced into unfavourable pricing that didn’t reflect the true strength of the underlying security.
The Approach
Rather than forcing the transaction through a narrow lending box, P10 focused on positioning.
We took the time to:
fully map the group structure and trace ownership cleanly
isolate historic adverse events and clearly demonstrate how they were contained
present the deal based on asset quality, income profile and long-term investment track record
This allowed us to engage lenders who could assess nuance - not just tick-box risk.
The Outcome
£1,848,572 refinance completed
Secured against a parade of retail assets
Competitive pricing achieved despite structural complexity
Long-term funding aligned with the client’s investment strategy
The Takeaway
In commercial property finance, complexity isn’t the problem - unexplained complexity is.
By slowing the process down, properly structuring the narrative, and matching the deal to the right lender, P10 helped this client secure funding that reflected the reality of their portfolio - not just the headline risks.
Because strong assets don’t become weak just because the structure behind them is sophisticated.
