LG advises Cofra on sale of UK specialist mortgage lending operation
3 July 2006
London-based business law firm LG has advised COFRA Holding AG ("COFRA") - the Swiss company which holds interests including retail, real estate, private equity investments and financial services - on the disposal of its UK specialist mortgage lending operation, London Mortgage Company, to Lehman Brothers for an undisclosed amount. The deal followed from a wide-ranging international auction process, and the transaction completed on Tuesday, 2 May 2006.
London Mortgage Company is a UK specialist mortgage lender providing sub-prime and near-prime first charge mortgages and secured (second charge) loans distributed through mortgage packagers and brokers. As at December 2005 it had a loan book of approximately £1.3bn, funded through ‘warehouse’ bank facilities and securitisations.
LG corporate finance partner Paul Walker led the team advising COFRA alongside partners Charles Malpass and Martin Mankabady and lawyers Richard Evans, Farhod Moghadam, Xanthe Lok and Sarah Bailey.
Paul Walker said: "This was a complex transaction requiring a large team of corporate finance, securitisation and other specialists. We were delighted to help COFRA to bring this transaction to a successful conclusion."
Hawkpoint acted as sole financial adviser to Cofra. Legal advisers to Lehman Brothers were Clifford Chance.
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Paul Walker
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