- In March 2008, Close Brothers acquired Commercial Acceptances, a family-owned short-term property lending business with an £80 million loan book, for circa £31 million with a premium of circa £7 million <
- Commercial Acceptances was established in 1982 and provides short-term bridging loans, primarily in the London and M25 ring, and was one of the largest independent firms
- Also included in the sale was Grove Property Finance, a sister company set up in 2000 to provide medium-term property loans to established developers
“On the ball and highly efficient. The transaction was highly complex insofar that it comprised a web of intertwined companies with a holding company in Switzerland. The transaction was concluded at a most difficult time when banks generally did not have the appetite for the purchase of a private finance company associated with property lending.
Well done Asgard. A capable and tenacious firm.”
Dennis Brown, Founder and Chairman
- Asgard Partners acted as sole financial adviser to the vendors
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