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25 February 2005 – LAWFUEL – The Law News Network – DLA Piper Rudnick…

25 February 2005 – LAWFUEL – The Law News Network – DLA Piper Rudnick Gray Cary (“DLA Piper”) has advised Barclays Bank PLC on its provision of a £106 million secured credit facility to Oakwood Mobius Plc to finance its purchase of a pool of mortgage loans originated by Amber Homeloans, a non-conforming mortgage specialist.

Barclays Bank PLC is an existing client of DLA Piper.

The DLA Piper team was led by banking partner David Breakell, assisted by Howard Bruton and Deepak Purushothaman. Advice on mortgage regulation issues was provided by the DLA Piper regulatory team (Helen Marshall/Helen Whiteaker).
David Breakell said: “The originator’s tight deadline for the sale coupled with the logistics of negotiating with a borrower based in Australia meant this was a transaction that required first-rate project management skills. The transaction, whilst not the largest loan in this market, was highly structured and non-recourse. It demonstrates that our London team can offer the full range of legal services necessary for a transaction of this complexity and novelty.”

“We are delighted to have once again been involved in a ground-breaking deal for with the financial markets team at Barclays for whom we have acted for a number of years.”

British MP George Galloway and his opponent the Daily Telegraph will leave no stone unturned to sort out what could be a spectacular libel case.