Getting Personal: Henray Capital’s April 2024 Round-Up

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Jenna O'Sullivan - Director // 01/05/2024 // 0 Comments

Henray Capitals’ Big Plans

One thing which has taken up a huge amount of my time this month is the 5 year business plan. We’ve entered a stage where I want to be investing in the business growth via personnel, office space and business processes. Setting the goals and steps to provide a clear path of progressions was something I never thought I would be presenting to my fellow shareholders and stakeholders. Attaining the right balance for me personally and professionally was something which took a while to justify and ensure achievable. With a little one due next month, the right balance of business and family time is still unknown yet I truly believe that if you set a goal the drive to achieving it becomes an easier ride.

Business overview

It’s been a quieter month however the strength of projects are increasing. We’ve worked with some clients who have had a rocky time recently due to so much uncertainty on values that has resulted in us having to secure equity and mezzanine funding. Family office money is becoming more prevalent in the capital stack and luckily there’s a lot still out there to be used. We work with a few providers who will visit our borrowers and projects then return terms within 24 hours which is key for maintaining momentum on projects.

One trend which seems to keep coming up is the delays in which borrowers are making decisions whilst they ‘shop’ around at the initial enquiry stage. We ensure to get offers swiftly and always aim to get 3 options which are best suited for the project at hand and the borrower’s circumstances. Our play is never all of market, we are focused and understand what our lenders want to fund and get the best terms for our borrowers and project.

Time is a deal breaker

One borrower was coming to the end of a bridge on an unusual asset, they approached me and advised we needed to refinance in 3 weeks. I approached a family office who I knew would re-bridge and complete in the time frames and managed to get them to accept an addendum to the 6 month old valuation. 65% LTV 1.2%pm 3% fees. And yet the borrower sat on this for a week and as a result the likelihood of us completing it in time now is slim. It also means the current lender will add an astronomical default fee. You can lead a horse to water ….

Money spent to date is still equity inputted

One project which I am really enjoying working on is a barn conversion. The planning has taken the borrowers 2 years to complete and with our final surveys due next month the process of funding can finally start. Henray Capital has structured a 65% LTGDV senior loan at a rate of 10.2% and 2% fees. The borrowers to date have spent circa £300K on the site and our senior has taken this into consideration as equity in. The borrowers asked for a further contribution to the purchase price and we structured a sales guarantee, resulting in the borrowers only requiring a further £30K day 1 plus pre-finance costs. I always stress to my borrowers the importance of good housekeeping when it comes to money spent on sites as it all adds up very quickly when paying for surveys and professional services which go towards the borrower’s equity contribution.



April has been a crazy ride. As a founder there are many people that rely on you to make decisions that in some cases you don’t feel confident in making. However you do your best to understand and interpret the information and then provide a solution. I’ve struggled with imposter syndrome ever since incorporating but it’s only through the support of my mentor and business partner that I’ve really started to thrive as owner and director. I cannot advocate enough the importance of having the right support network around you, piers, mentors, (supportive) friends etc.

Now as I enter a new chapter with not only Henray Capital as my baby but a real baby it’s time to ensure that those networks are more robust than ever. I want to end with a big thank you to everyone who has supported me on this journey thus far.

Always happy to discuss projects and partnerships and comments are always welcome. – [email protected] t: +44 (0) 20 3814 9499

About the Author Jenna O'Sullivan - Director

Director of Henray Capital

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