Palace Capital secures Lloyds Bank £4.5m loan against Leeds’ Bank House

Palace Capital, a property investment company that works on commercial property located outside of London, has secured a £4.5m loan against Bank House, Leeds.

The company announced today it has acquired a facility agreement with Lloyds Bank plc for the provision of the loan.

For a fixed term of 4 years, the large sum of money is secured against Bank House, Leeds, which was acquired by the company for £10m earlier this year.

Interest is payable on the Loan at a rate of 2.1% over Libor per annum. Palace Capital will use the proceeds of the loan for general working capital purposes, as well as to pursue further acquisition ventures.

Neil Sinclair, chief executive of Palace Capital, said: “We are delighted to have concluded this transaction with Lloyds Bank as we continue with our management initiatives on Bank House as well as pursuing opportunistic acquisition opportunities. We look forward to building our relationship with Lloyds Bank as we grow the company.

Want your business, product or service to be seen regionally and nationally? Bdaily helps you get your story in front of the right audience, every day. Find out how Bdaily can help →

Join more than 55,000 subscribers by signing up to our daily bulletin each morning here.