Banking & Finance

Our specialist Banking & Finance team holds a strong reputation for offering specialist and commercially applicable legal advice on a wide range of banking and debt matters.
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Banking & Finance

Our Banking & Finance team advises lenders and borrowers on financing transactions across a broad range of sectors, including fintech, healthcare, financial services and real estate. We provide commercially focused advice throughout the transaction lifecycle, from structuring and term sheet negotiations through to completion, including preparing and negotiating facility agreements, security documents and intercreditor arrangements. We have extensive experience advising on security structures, including debentures, share charges, legal mortgages and charges over intellectual property, ensuring lenders are adequately protected while delivering practical and efficient solutions for borrowers. Working closely with our Corporate, Commercial and Real Estate teams, we deliver seamless, joined-up support.

Our reputation in the banking market is reflected in our panel appointments with Metro Bank, NatWest and Handelsbanken.

Asset-backed lending allows a business to borrow against the value of assets it already holds, such as property, plant and equipment, inventory or receivables, giving lenders the security comfort to extend facilities that might not otherwise be available on an unsecured basis.

We advise both lenders and borrowers on the full range of asset-backed structures, including receivables financing, invoice discounting facilities, and stock and equipment-secured lending. Our work covers the choice and structuring of security (fixed and floating charges, assignments and specific charges over identified assets), the perfection of that security at Companies House and, where relevant, HM Land Registry, and the drafting of the supporting facility and security documentation. We also advise on the practical issues that arise once a facility is live, including waivers, amendments, and what happens to security following a subsequent refinancing or sale of the secured assets.

Acquisition finance is debt raised specifically to fund the purchase of a company or its assets, and it sits at the intersection of banking and M&A.

We act for both borrowers (management teams, private equity sponsors and trade buyers) and lenders on the full spectrum of acquisition finance transactions, from single-lender facilities for smaller owner-managed business acquisitions through to LMA-based facilities with accordion features for larger, multi-stage buy-and-build strategies.

We negotiate facility agreements, intercreditor arrangements where there is more than one layer of debt, and the security package required by the lender, while working closely with the M&A team to ensure both workstreams complete simultaneously. For businesses pursuing an active acquisition strategy, we also advise on structuring facilities with sufficient headroom for follow-on acquisitions and assist a number of clients with the requirements for new acquisitions where an existing facility is already in place and funding the transaction.

Mezzanine finance sits between senior debt and equity and is typically used where a borrower has reached the limit of what a senior lender will provide but requires additional funding to complete a project, acquisition or development, without diluting equity to the same extent as a further equity raise.

We advise on the particular structuring issues associated with mezzanine debt, including subordination and intercreditor arrangements with the senior lender, warrants or equity kickers, payment-in-kind interest structures, and the enforcement mechanics that apply where there is more than one class of creditor with differing priorities.

We act for both mezzanine lenders and borrowers and regularly coordinate with senior lenders' counsel to ensure the layered debt structure works effectively in practice.

Our property finance team has experience in effectively handling transactions across a wide range of property transactions. We deliver a seamless and adaptable service that covers a broad spectrum of disciplines essential to present day real estate finance transactions. We advise on the most appropriate security solutions for our clients including bespoke finance where required.

The large team regularly acts for a variety of different lenders borrowers, developers, investors, care home owners and operators in addition to high net worth individuals

Our services includes advising on:

  • Property acquisition
  • Real estate investment finance
  • Short term loan funding
  • Prioritisation of loans
  • Sale and leaseback structures
  • Property refinancing.
  • Development finance
  • Secured Lending
  • Care home financing
  • Storage space financing
  • High net worth individuals buying or refinancing residential properties across the UK

Working in conjunction with our colleagues in our corporate and commercial teams , we also offer advice on loan agreements, floating charges, debentures, guarantees, security over building contracts and other finance documentation.

Key contact

Chris-Gemson-PNG
Chris Gemson
Partner

What our clients say about us

Aadil and the team were excellent and very professional in their efforts to get the legalities to a swift conclusion which is much appreciated. We have used HC for drawing up wills etc and are very impressed with their high standards and professionalism, I highly recommend.

The Real Estate team at Herrington Carmichael were excellent in dealing with this transaction right from the initial negotiations. They delivered their expertise in a pragmatic and commercial way emphasising the importance of having a legal team with the relevant industry knowledge and experience in complex renewable energy and infrastructure agreements. They acted efficiently and responsively and maintained a professional approach throughout the transaction particularly when dealing with unexpected requirements and stringent timescales.

Liz Hailey has been my primary point of contact at Herrington Carmichael and has become a trusted adviser to me and my clients. Liz possesses unparalleled legal knowledge and offers a unique approach to issues, thinking outside the box to come up with solutions. The collaborative approach within the business ensures that we have access to a variety of different legal departments offering an end-to-end service. The communication has been a primary factor in my continuing use and recommendation of Liz and HC.

Rachel Duncan, Anna Svensson, Charlotte Keeper, and Jed Temple are working as a team with both extensive and developing skill sets to collectively deliver a valued leasehold acquisition and advisory service to our in-house team of property professionals. Trusted advice and guidance are always available and quick to respond.

A dedicated, commercially minded team at all levels, with direct communication to principals is a real benefit to us.

I deal with many law firms and in recent years I have noticed a 'shift' toward an 'over' emphasis on ensuring boxes are ticked rather than being solution-led. Jamie Lynch and his team struck the right balance and never forgot that the client actually wants the best outcome!

A strong real estate team with London experience in transactions while also located in the regions. Good communication and sufficient cover when anyone in the team is away from the business. Adapts to client requirements and maintains open communication throughout transactions.

Liz Hailey - huge depth of range, knowledge, and experience in the real estate sector. Liz has picked up our requirements very quickly and has accommodated these where needed. Liz explains things in a simple but knowledgeable manner, and we are confident she is acting in the best interests of her client at all times.

They are genuinely engaged and thoughtful people to work with through a variety of transactions. The key from my perspective is that all challenges are put into relevant context with thorough recommendations made.

The breadth of experience across a wide range of challenging assets is absolutely clear. Expectations and time scales are well managed proactively. Picking up the phone to discuss is of key value; thank you.

We have also greatly benefited from the excellent work of Usof Shah, Immigration Director, whose expertise has been instrumental in helping our members address critical skills shortages in the construction industry. Usof has provided clear, actionable guidance on immigration laws, empowering our members to legally employ skilled foreign workers and sustain their businesses. His commitment extends beyond traditional legal services - he has delivered live webinars and offered free advice to some of our SME members, which was highly valued and, in several cases, helped save their companies. This combination of deep legal expertise, accessibility, and genuine care for clients' success sets him apart from others in the field.

Throughout my UK career, I came across many solicitors and solicitor firms. But Herrington Carmichael is the best so far. Their quick response, wider knowledge, and straightforward decisions come with a very competitive advisory fee. I can easily recommend them, and I did. Their success rate for me is 100%. In a nutshell, they are brilliant.

The individual deals with my requirements and makes sure I fully understand what he is advising and what the best way to proceed is.

Responsive, commercial, and able to explain immigration requirements in clear, simple terms.

The individuals we work with stand out for being approachable, knowledgeable, and responsive. Usof Shah, in particular, has been extremely professional, helpful, and practical in his advice.

Usof Shah stands out for his strong combination of technical expertise, commercial awareness, and responsiveness. He is able to explain complex immigration matters in a clear and practical way while remaining highly approachable and solutions-oriented throughout the process. What differentiates him from competitors is the level of personal attention and ownership he brings to matters. He is proactive, detail-oriented, and demonstrates a strong understanding of the operational and business needs of his clients rather than approaching matters from a purely technical perspective. I have particularly valued his responsiveness, clear communication, and ability to manage matters efficiently under tight timelines. He consistently provides pragmatic advice and maintains a high level of professionalism, which creates a strong sense of confidence and reliability throughout the engagement.

Usof Shah and his team stood out for their professionalism, responsiveness, and clear communication.

Herrington Carmichael’s team stands out for its strong expertise in immigration matters, combined with a highly personalized and responsive service. Over the past few years, they supported me and three members of my family, managing each of our individual cases efficiently and professionally. Compared to other firms, they are notably more organized and responsive.

Dedicated family law team with a passion for the area and a strong commitment to client service. Technically excellent lawyers with good legal judgment. Pragmatic and solutions-focused, providing realistic advice enabling clients to make informed decisions from an early stage.

I have always been impressed with how strong the team's commitment is to client outcomes and how well they balance each other in pushing forward for an outcome while also exploring settlement.

Personalised service - understood requirements. Work lasted several years and through several partners and associates, but the practice was able to ensure a seamless handover of information. Billing was clearly supported.

Herrington Carmichael punches above its weight. For a relatively small firm, it provides excellent service for high-net-worth individuals.

Sarah Speed is an outstanding family lawyer who is a joy to work with. She is very bright as well as being a calm and reassuring presence for her clients. Her down-to-earth and pragmatic advice means that she is not distracted in a case from the issues that matter. She is no pushover, and her clients can rest easy in the knowledge that she will skillfully argue their case for them when necessary, but also find a compromise when contested litigation is not the best way forward for her client.

I am not familiar with the team, but rather with one of the partners, Sarah Speed. However, it seems to me that the breadth of work that the firm covers provides good cross-pollination of legal expertise across various sectors, which may be enormously helpful in some cases.

A lovely team. All very professional and, importantly, friendly.

Graeme Black comes with a host of experience delivered in a manner that is simple to understand. He is friendly, supportive, and a great asset to the firm.

They are extremely knowledgeable about their field and genuinely care about the clients. They are honest and transparent.

Stephen Baker is exceptionally well-experienced, has a steadfast, logical mind, and an incredible ability to pinpoint real issues.

Very knowledgeable team, highly client-focused and with generally quick turnaround of any requests. Very professional approach and very open and honest with their respective areas of expertise.

Stephen conducted complex and challenging litigation and responded to the demands of a demanding client with great patience, determination, and tactical astuteness, while also developing a strong and positive relationship with the other members of the legal team, including counsel. He is a seasoned and highly skilled litigator.

From the first person I spoke to, then to all of the team, they were all polite, precise, and knew exactly what service I was going to need.

Jed was brilliant and really compassionate about my tough situation. He was calming and reassuring when I was quite stressed about my situation. This alone was a real quality that helped me out and one that made him stand out. The whole team was brilliant, very clear on what needed to be done and what the process would look like.

I have now met several partners across a number of disciplines and find them all most accommodating. Mostly, we deal with the litigation team, who are very good, provide sound advice (even when it is not what you want to hear), and are personable and professional. The conveyancing team is also very efficient and seems to look to reserve costs where they can, which is very impressive. HC's billing is also good, quick, and easy to understand.

I have done a lot personally and with my firm over the years with Ed Jones, who is especially effective and with whom we have had a number of wins. He is also a very effective mediator. Jed Temple too has provided excellent advice, and Michelle Lambeth has also been helpful and accommodating.

The whole team was brilliant. They were great at listening and understanding my problem, with the main thing being reassuring about my situation. They explained clearly the different approaches to take and what the outcomes could be.

Friendly service with a clear understanding of what services are involved in a complex legal environment.

The personal touch made me feel like a normal person who made a mistake. They were always quick in responding to my emails and didn’t make me feel like just another case. They related to me in my scenario.

The team's strengths were being very knowledgeable and being able to explain to me the process we would go through with the possible outcomes.

We were very happy with our service. Being first-time buyers and brand new to the property world, Annari & Mary-Jayne relieved all of our worries and made our journey very stress-free and relatively easy. Thank you.

We received excellent support in reviewing and modifying our Wills to our latest needs. The communication has always been straightforward and very effective and we achieved the objectives we set at the beginning of the process. Strong expertise and legal knowledge have been key to the successful completion.

It was a very straightforward process & Charlotte explained everything clearly to us in a very friendly way & answered any queries we had. It was a pleasure to have her deal with this matter, and I would certainly come to your firm of solicitors on that basis. Thank you so much.

Paul provided calm, helpful, constructive and thorough advice on my matter and I will be in touch again to progress.

Aadil has been representing my son through a very challenging child custody/recovery case. His help and knowledge has been fantastic. He went above and beyond working on his day off too make sure court papers were delivered on time. I wouldn't hesitate to recommend Aadil.

I just wanted to write a huge thank you for all your help and support during my recent divorce proceedings There were times when it seemed things would never get resolved but thankfully with your guidance everything went relatively smoothly in the end.

Annari is an excellent Solicitor. We have always used her services for all of our property conveyancing jobs. She is a valuable asset to your company.

We had the pleasure of working with Annari on buying our very first house. We would like to take this opportunity to let you know how efficient Annari was throughout the entire process. Annari really helped to make buying our first home an easy process! She absolutely went above and beyond her call of duty.

The service we received was exceptional. We were always updated and Annari would answer any questions I had immediately. Keep doing what you do Annari. Thank you so much for everything, and Amy too.

Thanks again, we’ve always felt in good hands. It is for this reason we’d highly recommend Herrington Carmichael and especially Annari.

Annari is an excellent Solicitor. We have always used her services for all of our property conveyancing jobs. She is a valuable asset to your company.

We had the pleasure of working with Annari on buying our very first house. We would like to take this opportunity to let you know how efficient Annari was throughout the enitre process. Annari really helped to make buying our first home an easy process! She absolutely went above and beyond her call of duty.

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Meet our experts

Dedicated professionals ready to assist you.

Yavan-Brar-PNG
Chief Executive Officer
Chris-Gemson-PNG
Partner
Sam French PNG
Solicitor
Zen-Marais-PNG
Trainee Solicitor
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Banking Paralegal

Frequently Asked Questions

Find answers to your most pressing questions about our services and processes.

A lender may seek various forms of security to mitigate any risk associated with loans. The type of security depends on both the nature of the loan and the agreed terms between the parties. Some common examples include:

  1. Fixed and floating charges on assets
  2. Guarantees (personal and corporate)
  3. Pledges (for example: bank accounts)
  4. Assignments of contract
  5. Legal mortgages
  6. Third party security (for example, parent company guarantees)

A debenture is often a core component of a security package for a finance transaction, it is a security document which sets out the terms on which a security provider will grant security over all, or substantially all, of its assets to secure a loan or other liabilities. Typically, a debenture will create different types of security, such as: legal mortgages, fixed and floating charges and assignments.

A representation is a statement made before the agreement is entered into, serving as an inducement for a lender to enter into the contract. A warranty is a promise or assurance and is a term of the contract itself. There is a distinction between the two terms: a representation that is incorrect would entitle a lender, as a matter of law, to terminate the contract and seek damages. Breach of a warranty does not give this right – a lender will only have a right to damages and, if the term is of fundamental importance, rescission. However, contractually, the occurrence of a breach of either would in most circumstances constitute a default event under the loan documentation.

An intercreditor agreement sets out the priority and rights between two or more lenders secured against the same borrower, for example a senior lender and a mezzanine lender. It covers payment priority, standstill periods, and what each lender can and cannot do if the borrower defaults.

Senior debt is lower-cost, lower-risk borrowing that ranks first for repayment and is usually secured against specific assets. Mezzanine finance sits behind senior debt, carries a higher cost to reflect the increased risk, and often includes an equity element (such as warrants). However, it enables a borrower to raise additional funding without giving up as much equity as a further share issue would require.

Development lenders typically take a legal charge over the site itself, alongside step-in rights, assignment of building contracts and warranties, and monitoring surveyor sign-off linked to drawdowns at each build stage. The exact security package will depend on the lender, the loan-to-value/loan-to-cost ratio, and whether other finance, such as mezzanine debt, sits behind the senior facility.