Ashfords’ banking and finance team has successfully advised Resonance, one of the UK’s leading social impact property fund managers, on their secured loans from their Resonance Community Developers Fund.
This fund helps communities meet local needs by creating and owning income-generating assets, such as affordable homes, sports and leisure facilities and renewable energy generation.
Some examples of the works being funded include an outdoor education centre in Gloucestershire, supported accommodation for recovering addicts in Devon, a cohousing project in Somerset and a project to develop affordable long-term rental accommodation for coastal communities in Cornwall.
Since 2002, Resonance have worked with over 160 social enterprises and charities, enabling them to raise capital to grow their impact, and make a greater difference to the communities they serve.
Resonance has over £450 million Assets Under Management across 15 impact funds, and operates with a team of over 70 across five locations in England.
Resonance appointed Ashfords’ banking and finance team to prepare, negotiate and execute loan agreements, setting out the commercial terms of the lending, together with mortgage documents, and securing the loans against properties being acquired.
The team’s knowledge and expertise enabled the matter to be completed within the agreed timescales, ensuring a smooth process and delivery.
Ashfords also advised Resonance in relation to settlement agreements, security release documents and intercreditor agreements.
On each instruction, the team brought extensive experience of real estate finance, advising Resonance on process, negotiating points and conditions precedent to lending.
As a full-service law firm, we were also able to offer expertise across our practice areas, in relation to discrete property queries and the preparation of their loan documentation.
So far, Ashfords and Resonance have completed several transactions, allowing Resonance to safely make available circa £3.2 million of debt funding to a wide range of community benefit societies.
Tom Crook, senior investment manager at Resonance said: “Many of the investments we make are bespoke and can involve additional legal and structural complexities, often with tight deadlines. Ashfords has been great to work with because they understand what we are trying to achieve and provide clear, pragmatic advice that helps us find a way through those complexities. They are responsive and work quickly when needed, which has been particularly valuable in ensuring transactions stay on track and complete within challenging timescales.”
Ashfords' banking and finance team work with a range of lenders and the businesses they finance, helping to negotiate and secure funding that meets lender expectations and delivers what the business needs to succeed.
The team have extensive experience acting for lenders and borrowers across a range of sectors including technology, healthcare, energy and resource management, marine and commercial and residential development.
For further information, please contact our banking and finance team.
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