December 2025 - Banking & Real Estate Finance
EXPLORING THE LATEST TRENDS AND DEVELOPMENTS IN PROPERTY & CORPORATE LAW
Banking & Real Estate Finance
CONTENTS
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Introduction By Vijay Parikh, Managing Partner
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Navigating Banking & Finance By Christopher von Strandmann, Partner Banking & Finance
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HB Case Study Succesful completion of a £21.55M commercial Loan Transaction
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Interview with Ray Oshry Head of Commercial Real Estate and Real Estate FInance
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Business Rates reform stalls as costs set to rise By John Webber, Director and Head of Rating - Colliers International
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HB Case Study Refinance of three commercial properties for £21.3M
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Business & Leadership In conversation with Zeeshan Haider, Chief Commercial Officer at UBL UK
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Strengthening Cross-Border Legal Capabilities Harold Benjamin showcases global expertise in Hanoi
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LAWASIA Conference. His work reinforces a truth we see every day: clients need advisers who can navigate not just legal systems, but also jurisdictions, cultures and regulatory landscapes across continents. Our clients’ voices are equally central to this edition. We are grateful to John Webber, Head of Business Rates at Colliers, for his detailed analysis of the growing challenges surrounding business rates and the urgent need for meaningful reform. His piece brings much-needed clarity at a time when commercial occupiers continue to face mounting pressures. We are also delighted to feature an engaging conversation with Zeeshan Haider, Chief Business Officer of UBL Bank UK, whose insights on leadership, cross-border banking and the future of financial services remind us of the resilience and innovation driving the sector forward. Across all these contributions, a common thread emerges: the importance of adaptability, expertise and trusted relationships in an environment defined by uncertainty and rapid change. These values lie at the heart of Harold Benjamin’s work and continue to guide us as we support clients navigating increasingly complex financial, regulatory and commercial realities. As we close out the year, I want to extend my sincere thanks to our clients, partners and colleagues for your continued trust and collaboration. Your support drives everything we do at Harold Benjamin, and it is a privilege to work alongside you. I wish you and your loved ones a joyful and restful festive season. May the holidays bring warmth, celebration and time well spent — and may the new year ahead be filled with success, good health and renewed momentum.
In this issue As we approach the end of the year and the festive season begins to take shape, this is a natural moment to pause, take stock, and look ahead. Winter, with its focus on reflection and renewal, provides the perfect backdrop for this quarter’s theme: Banking & Finance — a sector that continues to evolve at remarkable speed and remains central to the work we do at Harold Benjamin. In this edition, we explore the financial landscape through the expertise of colleagues and valued contributors who help shape our understanding of an increasingly complex market. Our Head of Banking & Finance, Christopher von Strandmann, offers a clear and insightful guide to the fundamentals our banking team engages with daily — from lender expectations and security structures to the growing importance of Sharia-compliant finance. His piece demystifies a world often seen as impenetrable and highlights the rigour and collaboration required to get deals over the line. We also shine a light on the global nature of modern finance. Niten Chauhan, Partner and Head of Restructuring and Insolvency, shares his experiences representing Harold Benja- min internationally — from presiding over the League of Lawyers AGM in Hanoi to leading discussions at the 38th Annual
VIJAY PARIKH Managing Partner
vijay.parikh@haroldbenjamin.com
Connect with Vijay
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Navigating banking & finance A Lender’s Lens for Legal Eagles
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BY CHRISTOPHER VON STRANDMANN Partner, Banking & Finance
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common will be mortgages, legal charges, assignment of rental income etc. The key point here is to ensure that all security is registered in time with the relevant author- ities. If it is English law, think Companies House and the Land Registry but if there are other justifications involved, speak to your local lawyers. Then there’s financial covenants . These are the lender’s way of keeping Borrowers on a short leash. Ratios such as EBITDA, LTV, debt-to-equity, interest coverage, or liquidity thresholds must be maintained and if there is a breach - Event of default. From a legal perspective, all these clauses need to be enforceable and watertight. Much of it will be boiler plate. Lenders also require ongoing reporting— quarterly financials, compliance certificates—to monitor the financial health of a Borrower - any lender will want to know what a Borrower is up to and how it is getting on. Finally, the facility agreement. The loan agreement is your magnum opus: It outlines terms, representations, covenants, events of default, and remedies. Add in security documents, guaranties (personal or corporate), and intercreditor agreements (if multiple lenders are involved). Lenders sometimes insist on legal opinions confirming enforceability. If there are any conditions subsequent, put these in the diary and make sure you follow up on them.
In this short article, I’ll be running through some of the basics that the banking team do in QAS and predominately from a lender’s perspective – I’ve worked in house before so hopefully some of what I have to say below is useful If you have any questions, please get in touch.
The Basics of Banking: What Lenders Crave
In the world of conventional banking, lenders are like vigilant guardians of cap- ital. They won’t be handing out funds for no reasons – they will have requirements galore to mitigate risks, ensure repayment, and comply with all relevant laws. From a lawyer’s standpoint, understanding these is crucial because, if you’re like me, Rima or Oz, you’ll be the one drafting, negotiating, and enforcing the documents that make it all tick. First off, due diligence is king. Lenders demand a thorough vetting of the bor- rower. This isn’t just a casual background check - it’s a full-on legal autopsy. Banks and other lenders will run through financial statements, credit histories, and even the borrower’s business model. For corporate loans, expect deep dives into corporate gov- ernance: Are there any pending litigations? Hidden liabilities? As legal advisors for a bank of lender, we should; not review these documents, but we require representations and warranties in the loan agreement that everything’s above board. Breach these, and defaults clauses kick in, potentially leading to default interest, acceleration of the loan or, depending on the security structure, the appointment of a Receiver or Administrator. Next up: collateral and security interests. Lenders aren’t philanthropists; they will want something to fall back on if things don’t go well. For REF loans, the most
Islamic Finance: Sharia-Compliant Lending Without the Interest
Looking at Islamic Finance - a rapidly growing sector worth over $3 trillion globally as of 2025. From a financier’s perspective, it’s not about interest but profit-sharing and asset-backed deals, all aligned with Sharia principles. No “riba” (interest), no “gharar” (excessive uncertainty), no “maisir” (gambling).
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involves special purpose vehicles (SPVs) to ring-fence assets, with true sale opinions confirming transfer. The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standards mandate transparency to avoid gharar. "Whether conventional or Islamic, lenders' or Financiers' financial requirements boil down to risk mitigation, legal sollidity and profitability."
Financiers in Islamic Finance - often Islamic banks or sukuk issuers (companies that issue Islamic financial certificates) - require structures that promote ethical, Shariah-compliant transactions. Key principle: Money isn’t a commodity; it must be tied to real economic activity. So, forget simple loans; enter Murabaha (cost- plus financing), where the lender buys an asset and resells it to the borrower at a markup. Requirements? Detailed asset descriptions, immediate transfer of ownership risk, and no hidden fees. Lawyers draft these to ensure compliance, often including fatwa certifications from Shariah boards. Even if something is legal under English law, a financier will not enforce if it does not meet Shariah requirements. Another favourite: Musharakah (joint venture). Financiers and clients partner, sharing profits and losses. From the financiers’ view, they require clear profit-sharing ratios, management roles, and exit mechanisms. Legal docs must address partnership laws - think limited liability under companies acts - while avoiding riba (interest). If it smells like interest, it’s genuinely a no-go area. Jokingly, it’s like a business marriage: Prenups (agreements) are essential to avoid messy divorces. Then there’s Ijara (leasing), akin to conventional leases but without interest. Financiers buy assets and lease them, with options to purchase (Ijara wa Iqtina). Requirements include fair market valuations, maintenance obligations, and insurance (Takaful, the Islamic version). At Harold Benjamin, we ensure clauses prevent speculation and comply with English law. Sukuk (Islamic bonds) are big for larger financings. These are asset-backed securities, not debt instruments. Lenders require underlying assets to generate returns—rental income from properties, for instance. Legal structuring
Bridging Islamic Finance and Conventional Banking: Comparisons and Legal Nuances
Comparing the two: Conventional finance is interest-driven and risk-averse via collateral; Islamic is participatory and asset-focused. Financiers in both require robust legal frame- works, but Islamic adds Shariah layers - think double compliance. Please do not agree to undertake any work involving Islamic Finance without speaking to the HB Banking team first. In conclusion, whether conventional or Islamic, lenders’ or Financiers’ requirements boil down to risk mitigation, legal solidity, and profitability. As solicitors, we often don’t get the recognition for the work we have done on a deal but are the first ones to be blamed if something goes wrong. I still ask for a second opinion or a check from the other team members in Banking. A second pair of eyes is always useful when drafting documents and never be afraid to ask someone to check.
chris.vonstrandmann@haroldbenjamin.com
Connect with Chris
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HB Case Study:
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In addition, John Oliver Bellasis managed all post-
We are pleased to have recently acted for Punjab National Bank (International) Limited in connection with a substantial loan facility to support the purchase of three newly built commercial units in Southall. The transaction, which had a combined value of £21,500,500 required close liaison with multiple
completion matters, including applications to HM Land Registry and Companies House, as well as overseeing the completion of the conditions subsequent. This matter highlights both the scale and complexity of the transactions our team is regularly instructed to handle and demonstrates the importance of combining banking & finance as well as commercial property teams to deliver results within demanding timescales.
firms of solicitors in order to coordinate the successful
acquisition of the three largest units. Rima Sengupta was responsible for negotiating, drafting, and agreeing the security documentation, which included complex cross-collate ralisation arrangements. We also prepared and delivered detailed due diligence reports on title and planning with input from our property team.
At Harold Benjamin we pride ourselves on delivering
commercially-focused advice on transactions of this nature, guiding our clients from initial planning through to completion.
rima.sengupta@haroldbenjamin.com
Connect with Rima
john.bellasis@haroldbenjamin.com
Connect with John
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Lea S
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adership Spotlight
Secured Lending & Real Estate: A Conversation with Ray Oshry
Message from the Managing Partner – Vijay Parikh
"At Harold Benjamin, we take great pride in spotlighting the individuals whose leadership, expertise, and client focus continue to drive our firm forward. This quarter, we sit down with Ray Oshry, our Head of Secured Lending and Real Estate, who has played a pivotal role in shaping one of our most dynamic and high-performing teams. Ray’s insights reflect not only the evolution of the lending and property markets but also the professionalism and dedication that underpin our 72-year legacy as an independent firm."
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and specialist lenders. The team recently completed a large transaction totalling over £60 million to a consortium of borrowers, which is a testament to the calibre of clients we attract and the trust they place in us. Beyond that, it’s been great to see the team expand and develop — we’ve welcomed new trainees and associates who are adding fantastic energy and capability. You’ve mentored many of the firm’s younger lawyers over the years. What advice do you give to those coming up in the profession? Stay curious and stay calm. Every transaction is different, and clients rely on you to bring both technical knowledge and composure. Learn the law, learn from the experience of others, and also learn the business — understand how a deal is structured, where the money comes from, and what the client’s real objectives are. That’s what sets apart a good lawyer from a great one.
Ray, you’ve been with Harold Benjamin for a number of years and have built one of the firm’s most active teams. What do you think underpins that success? : It comes down to four things — relationships, availability, responsiveness, and results. Our clients, whether they are lenders, brokers, developers or investors, trust us to deliver quickly and accurately and to be available when they need to liase with us, We understand that in real estate and finance, timing is everything. Having a team that’s commercially minded and deeply experienced allows us to anticipate issues and find practical solutions that keep deals on track. The secured lending market has evolved significantly over the past few years. What trends are you seeing in 2025? The market has definitely become more sophisticated. We’re seeing increased activity from alternative lenders, private funds, and family offices who are stepping into spaces once dominated by high-street banks. There’s also a stronger focus on bridging finance, refinancing, and portfolio consolidation — all of which require speed and flexibility. At the same time, clients are far more conscious of risk management, so clear documentation, relevant experience and structuring are key. How does the Harold Benjamin team differentiate itself in such a competitive market? Our approach is very personal. We act as partners, not just lawyers. Because our team works across secured lending, investment and commercial real estate, we understand the full lifecycle of a transaction — from acquisition and development through to exit. That gives our clients confidence that we can see the bigger picture, not just the paperwork. We’re also known for our availability — clients know they can pick up the phone and reach us when it matters whether it is early in the morning, late at night or sometimes even at the weekend.
Finally, what’s next for the Secured Lending and Real Estate teams?
Growth — in every sense. We’re expanding our lender base, investing in technology to streamline deal flow, and continuing to strength - en collaboration across departments, especially with our corporate, banking and construction teams. The market is dynamic, and so are we. It’s an exciting time to be part of Harold Benjamin.
And when you’re not closing deals?
You’ll probably find me on the golf course or spending time with my family. Balance is important — but so is a good handicap!
Ray’s leadership and strategic approach contin- ue to define Harold Benjamin’s reputation in the secured lending and real estate sectors. His em- phasis on client service, commercial insight, and team development embodies our firm’s values of teamwork, empathy, and commitment — and sets the tone for the next generation of lawyers and leaders at Harold Benjamin.
What have been some of the team’s recent highlights or notable transactions?
ray.oshry@haroldbenjamin.com
We’ve advised on several multi-million-pound refinancing and development deals this year, including facilities with major international banks
Connect with Ray
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For previous issues of the HB Legal Corner or other legal insights visit our website: haroldbenjamin.com/legal-corner-magazine
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Business Rates Reform Stalls as Costs Set to Rise
Despite early promises, the government’s first seventeen months have delivered no meaningful improvement to the business rates system. Following the Autumn Budget and the 2026 Revaluation, liabilities are set to rise again next year—up 10.3% from £33.6 billion to £37.1 billion. Commitments to overhaul the system and revive the high street increasingly ring hollow as ministers appear to focus more on increasing tax revenue than on tackling pressures facing businesses.
BY JOHN WEBBER Head of Business Rates - Colliers International
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"After seventeen months, rather than simplifying or easing business rates, the government has expanded and complicated the system." For retail, the landscape is more complex. RHL properties under £500k RV will receive lower multipliers, but many argue the small RHL multiplier (38.2p) offers an inadequate 5p discount when reductions of up to 20p were possible. Many will also lose reliefs entirely in April, meaning the new multiplier rates may not offset RV increases despite transitional support. And these will then taper over time. Given RHL relief also fell from 75% in 2024/5 to 40% in 2025/6, the increases many independent retailers and pubs will have experienced during a two-year period will be significant and hard to cope with. The higher multiplier for RVs above £500k affects around 3,480 RHL properties and disproportionately impacts London and the Southeast. Some relief comes from modest RV growth overall and a top multiplier (50.8p) lower than expected— previously at 55.5p. As a result, some large stores and food retailers may even see slight reductions in bills, though many depend on logistics facilities that have risen significantly in value.
New Multipliers announced in the Budget
From April 2026, the current two multipliers will be replaced by five, including two lower rates for Retail, Hospitality and Leisure (RHL) properties below £500,000 RV to compensate for the loss of this year’s 40% relief. These discounts will be funded by a higher multiplier for properties with RVs of £500,000 or more.
The new multipliers are:
RHL under £51,000 RV: 38.2p RHL £51,000–£499,999 RV: 43p Non-RHL under £51,000 RV: 43.2p Non-RHL £51,000–£499,999 RV: 48p All properties £500,000+ RV: 50.8p
City of London supplements and the 1p supplement for those without transitional relief also apply. Transitional caps will however limit increases between 5% and 30%, depending on property size, and the £110,000 cap on retail relief is removed. 2026 Rating Revaluation The revaluation uses April 2024 rental values, replacing the 2023 list which was based on rents in April 2021 during the pandemic. As a result, rateable values have risen sharply. Across England and Wales, cumulative RVs on 2.13 million entries have increased 19.2%, from £70.8bn to £84.4bn, with London up 22.3%. Film studios see the largest fall in RV (–26.7%), while civil airports face an extraordinary 295% rise and Royal Palaces 201%. Major sectors in England also rose: industrials +21.1%, offices +14.3%, retail +9.5%. Turnover-based valuations fare worst: hotels +76%, pubs +30%. These changes feed directly into liabilities. Many industrial properties will be pushed into the top multiplier—50.8p plus the supplement—resulting in major hikes in bills. Office outcomes vary: central London areas such as Mayfair (+33%), Kensington (+29%) and Fitzrovia (+24%) face steep increases, but 15 boroughs will see rises under 10% and six, including Canary Wharf and Shoreditch, will see reductions due to multiplier rebasing.
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And overall, the new list reveals massive inconsistency. Similar properties in close proximity often show widely different valuations, maybe not surprising given the weaknesses in the 2023 list, which relied on limited evidence from April 2021 when many premises were closed. These distorted baselines continue to skew outcomes and will warrant challenging. Appeals The VOA’s appeals system is significantly overstretched. Nine months before the 2026 list begins, 56% of 35,910 Checks lodged remain unresolved, with just 26% cleared. A further 100,000 Checks are expected for the 2023 list alone. With the 2026 list looming and preparations for 2029 already in view, delays will likely worsen, leaving businesses waiting long periods for redress. Transforming Business Rates Consultation The government’s interim proposals include moving to a progressive “slice” structure, enhancing small business relief, improving improvement relief, and reducing the Antecedent Valuation Date. However, it rejects more frequent revaluations and changes to Empty Property Relief. These incremental tweaks avoid the core issue: business rates remain prohibitively high, and small adjustments will not reduce the overall burden on commercial occupiers. New Reporting Rules Administrative demands will increase. From April 2026, a voluntary “Duty to Notify” and “Review and Update” system will require ratepayers to report changes in occupancy, leasing, and use within sixty days, plus annual confirmations. This becomes mandatory in April 2029. Those whose valuations depend on turnover must also submit annual trading data. The complexity raises concerns that ratepayers may become vulnerable to rogue agents promising simplified solutions.
integrating an independent valuation authority into a tax-collection department risks eroding impartiality and undermining confidence in the fairness of assessments—precisely when trust is most needed. Conclusion After seventeen months, rather than simplifying or easing business rates, the government has expanded and complicated the system. The new layers of multipliers, transitional schemes and reporting duties are complicated and difficult even for professionals to navigate. By 2029–30, business rates revenue is expected to approach £40 billion, a record high. Without meaningful relief or reform, high streets will continue to decline, investment will stall, and businesses across the country will face intensified financial pressure. This falls far short of the reform that was promised. Genuine action is urgently needed to support growth and revitalise local economies.
A new “Digital Business Rates” platform is planned by March 2028.
VOA Integration with HMRC he VOA will merge into HMRC from April 2026, with the government targeting cost savings of 5–10% by 2028–29. Critics warn that
john.webber@colliers.com
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HB Case Study:
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seamless outcome—demonstrating the value of proactive legal support in high-value, high-pressure financial transactions. John Oliver Bellasis, Legal Director in the firm’s Commercial Real estate team, conducted a comprehensive review of the property due diligence and prepared detailed reports on title for each of the three properties. Working collaboratively with the bank throughout, his contribution was key to meeting the bank’s requirements and achieving full regulatory compliance. The firm’s ability to navigate com - plex lending structures — combined with a meticulous, solutions-focused approach — was central to the suc- cess of the deal. From structuring the security package to managing legal risk, Harold Benjamin ensured that the client’s interests were pro- tected at every stage. This transaction reflects the firm’s broader commitment to supporting financial institutions in pursuit of their strategic objectives. It is also a clear example of Harold Benjamin’s ability to deliver results in complex, time-critical across commercial real estate and finance.
Harold Benjamin played a pivotal role in a recent £21.3 million refinancing deal that enabled the acquisition of a substantial industrial business park in the UK. Acting on behalf of a private commercial UK bank, the firm structured a complex financial arrangement involving a Loan Market Association-form facility agreement, multiple corporate debentures and guarantees, a pari passu deed of priority, letters of non-crystallisation, lender consents, personal guarantees, and a legal charge
over three high-value commercial properties.
This transaction was instrumental in facilitating the acquisition of a strategically important asset within the industrial sector. Against a backdrop of tight deadlines and heightened regulatory scrutiny, the deal demanded agility, accuracy, and close coordination from all parties involved. Harold Benjamin’s Banking and Finance team, led by Partner Rima Sengupta, worked closely with the bank to ensure that all legal and compliance requirements were met efficiently. Despite the time-sensitive nature of the transaction, the team delivered a
rima.sengupta@haroldbenjamin.com
Connect with Rima
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Strengthening International Legal Capabilities
Harold Benjamin Showcases Global Expertise in Hanoi
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BY NITEN CHAUHAN Partner and Head of Restructuring and Insolvency
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Last month, our lead International Partner and Head of Restructuring and Insolvency, Niten Chauhan was in Hanoi, Vietnam in his role as President of the League of Lawyers and Chairman of the Asia-Europe Committee of LAWASIA.
Over the past few decades, financial markets have become increasingly interconnected. As a result, in today’s globalised economy, the banking and finance sector has transcended national borders particularly in the UK as more and more companies and individuals seek to operate and conduct business overseas. In turn, the need for legal expertise that spans multiple jurisdictions has never been more critical. Law firms, in turn, need to expand their services beyond local and national boundaries as clients, which can include global financial institutions, investment funds and multinational organisations require legal advice that is not simply confined to one jurisdiction but spans multiple countries. However, unlike large, city law firms who seek to establish their own offices in different jurisdictions at Harold Benjamin, we have enhanced our global capabilities by establishing connections through legal networks, including the League of Lawyers and also by supporting overseas organisations such as LAWASIA; the law association for Asia and the Pacific.
Niten said:
“For law firms such as Harold Benjamin, that specialise in banking and finance, having a strong international network is not just beneficial but essential for providing effective and efficient legal services in a highly demanding market. We value the trusted relationships we have developed with firms globally so that our clients have access to legal services wherever they are needed in the world."
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Whilst in Hanoi, Niten had the pleasure of presiding over the League’s AGM as well as meeting with members from various European and Asian countries, many of whom work closely with banks including the Czech National Bank and MayBank, the largest financial services institution in Malaysia. In addition, Niten was able to arrange several meetings for members with law firms in Vietnam, many of whom not only work within the banking and financial markets sector but also have the local expertise to help navigate the complex regulatory landscape in Vietnam, including areas such as anti- money laundering, sanctions and securities regulation. As some of these can impact the structuring of financial transactions, Harold Benjamin leverages its international network in order that its clients have access to local expertise from not only a law firm, but a trusted source, in the relevant jurisdiction. In turn, clients are able to adapt to regulatory changes in key financial markets, ensure compliance with each jurisdiction’s specific requirements and minimise the risk of regulatory penalties when undertaking business overseas.
However, Niten’s work did not stop there and having concluded his activities with the League he immediately turned his focus to the 38th Annual LAWASIA Conference, where he was moderating the Asia-Europe Session. This year he had the privilege of giving the key-note speech on International Trade and the impact of Tariffs before inviting his panel of international speakers to present before a packed audience of lawyers and other professionals – including representatives from the UK Law Society; who were there to support the committee. The session proved insightful, with attendees learning the important role that Banks play in international trade and how even a small change in tariffs can have a significant impact on cross-border transactions and financial instrument. In addition to highlighting the impact on global commerce a particular emphasis was placed on the importance of using lawyers with local expertise; who can not only assist with trade and finance in an overseas market but help mitigate risks related to international transactions such as payment default, political instability and the complexities offoreign currency exchange.
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Niten said, “Being part of this year’s LAWASIA conference in Hanoi, gave Harold Benjamin a unique platform from which to be able to highlight our legal expertise as a UK law firm whilst also extending our international reach by connecting with other overseas, law firms overseas so that we can handle complex, multi-jurisdictional matters for the benefit of our clients in the future too”.
Finally, Niten had the honour of being invited to be a Judge, and lead Arbitrator, in the closing rounds of LAWASIA’s international Moot competition. This not only gave him the opportunity to hear the arguments of teams of University students but give them constructive feedback to help shape them into the lawyers of tomorrow. In addition to working closely with our Banking and Finance Team, Niten undertakes insolvency and litigation instructions for both corporate clients and individuals in the UK, Europe, the Middle East and Asia.
niten.chauhan@haroldbenjamin.com
Connect with Niten
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Leading borders
A conversation with Zeeshan Haider, Chief Business Officer at UBL UK
In an era of rapid change and global inter- connection, strong leadership in the finan - cial sector demands both clarity of purpose and adaptability. Few embody this balance as distinctly as Zeeshan Haider, Chief Business Officer of UBL Bank UK. With oversight spanning corporate, commercial, retail and trade finance, Haider plays a central role in shaping the bank’s strategic direction and strengthening its cross-border presence. Haider describes his remit simply: to drive sustainable growth while remaining deeply attuned to client needs. “Our mission is to build enduring relationships by delivering trusted financial solutions that bridge opportunities between the UK, Pakistan and the global market,” he explains. “ Everything we do, from product development to client engagement, must reflect that balance of responsibility and ambition.” The banking landscape he operates in is evolving at unprecedented speed. Digital innovation, shifting client expectations, and an intensifying regulatory environment continue to reshape the sector. For Haider, the response lies in equal measures of agility and prudence. UBL Bank UK is investing significantly in digital transformation and operational efficiency, but with an unwavering commitment to robust risk
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across and compliance frameworks. “The key is to innovate without compromising stability,” he says. “Growth must be forward-looking, but it must also be sustainable.”
Beyond the boardroom, Haider recognises the importance of balance. Despite the demands of his role, he structures his days to make room for family, fitness and reflection. Small routines early starts, quiet evenings, long walks, help him maintain focus and perspective. Travel and reading provide the rejuvenation needed to tackle each day’s challenges. Asked what a typical day looks like, he laughs. "There’s no such thing. Mornings begin with market updates and global news, followed by strategy sessions, client engagements and time dedicated to mentoring. No two days are the same, but each one brings new learning opportunities,” he says. Looking ahead, Haider’s priorities for UBL Bank UK centre on strengthening client relationships, expanding the bank’s reach vand leveraging technology to deliver more seamless banking experiences. Personally, he remains deeply committed to developing future leaders and safeguarding the values that define the institution. In a sector characterised by constant change, Haider’s steady yet forward-looking approach reflects the qualities essential to modern financial leadership: clarity, resilience, and a deep understanding of people. Through this lens, UBL Bank UK continues to build not just a business but a bridge between markets, communities and generations.
What distinguishes UBL Bank UK in a crowded field, Haider believes, is its cross-border expertise. With deep understanding of both the UK and South Asian markets, the bank is well placed to offer tailored financial solutions that reflect the realities of clients operating between regions. “We’re not just providing banking services, we’re building relationships that span geographies and generations,” he notes. Behind the bank’s strategic direction is a leadership philosophy rooted in collaboration. Haider describes his approach as one focused on empowerment, transparency and active listening. “A good leader listens more than they speak,” he says. “You need to create an environment where people feel valued and inspired to deliver their best.” This ethos has shaped a culture in which teams feel encouraged to innovate, adapt and maintain the values that define the institution. Reflecting on his career, Haider takes pride in the bank’s evolution, particularly the way teams have embraced digital transformation and deeper client engagement without losing focus on trust, ethics and excellence. These principles, he believes, are the true foundations of long-term success. His advice to emerging leaders underscores this: stay curious, remain adaptable, and never compromise your integrity. “Banking demands both technical expertise and emotional intelligence,” he adds. “Success comes from understanding people, not just processes.”
zeeshan.haider@ubluk.com
Connect with Zeeshan
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NEW DEAL EVEN
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WS,
LS & NTS
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Event: Excellence in Legal Services at The Signature Awards 2025 We are proud to announce that Harold Benjamin has been honoured with the Award for Excellence in Legal Services at The Signature Awards 2025, held at the London Hilton on Park Lane before an audience of more than 400 distinguished guests. This achievement reflects the dedication, expertise and client-centred focus of our entire team. It stands as a testament to the high standards we uphold each day — rooted in collaboration, professionalism and an unwavering commitment to delivering outstanding results for our clients.
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In The News This month, we are proud to celebrate two remarkable milestones at Harold Benjamin. Ray Oshry marks 20 years with the firm, during which he has built and led our Commercial Real Estate and Secured Lending team. Under his leadership, the department has grown sig - nificantly and continues to deliver outstanding results for our clients. Vijay Parikh celebrates 15 years with the firm. Since becoming Managing Partner in 2019, he has overseen a period of exceptional expansion, with Harold Benjamin growing by 60% across all key metrics, including revenue and headcount.These milestones not only recognise Ray and Vijay’s dedication and leadership, but also reflect the collective commitment and hard work of the entire Harold Benjamin team.
ray.oshry@haroldbenjamin.com
Connect with Ray
vijay.parikh@haroldbenjamin.com
Connect with Vijay
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Event: Junior Careers Fair We were delighted to host a Junior Careers Fair at Harold Benjamin, welcoming more than 30 students to our offices for an inspiring evening of exploration and insight. Co-hosted by Milli Jones and Ruchira Talwar, the event brought together students and industry professionals across a diverse range of sectors, including Law, Banking & Finance, Medicine, Real Estate and Technology. Students participated in small-group sessions tailored to their interests, giving them the opportunity to engage directly with experts, ask questions and gain valuable perspectives on potential career paths.
milli.jones@haroldbenjamin.com
Connect with Milli
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THE LEGAL CORNER MAGAZINE | ISSUE 13 DECEMBER '25 HB
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In The News This month, GAIL's was crowned Bakery Retailer of the Year at the Baking Industry Awards 2025, recognised for its quality, commitment to British farming, and exceptional customer experience. With over 170 sites nationwide, Harold Benjamin, are proud to have worked closely with GAIL’s over the years, supporting their continued growth through our property law expertise.
Congratulations to everyone at GAIL’s on this well-deserved achievement.
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THE LEGAL CORNER MAGAZINE | ISSUE 13 DECEMBER '25 HB
Recent Deal
We are pleased to highlight our recent involvement in two linked transactions for a longstanding corporate client and their director.
Our team advised on a £1.65 million loan facility secured against two commercial properties , with Sunil Vaghji acting for the bank and Rukhsar Aziz representing the borrower on the facility and related security arrangements. In addition, Rukhsar advised on a connected acquisition of a £2 million newbuild residential property. Both matters were closely coordinated and completed smoothly within the required timeframe, reflecting our team’s collaborative approach and commitment to delivering efficient, high-quality outcomes.
rukhsar.aziz@haroldbenjamin.com
Connect with Rukhsar
sunil.vaghji@haroldbenjamin.com
Connect with Sunil
Recent Deal We are delighted to have recently c ompleted on a £11,124,000 refinance of 4 commercial warehouse properties across multiple sites. David Eder acted for the borrower, whilst Ray Oshry acted for InterBay who provided the finance.
david.eder@haroldbenjamin.com
Connect with David
ray.oshry@haroldbenjamin.com
Connect with Ray
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Recent Deal Harold Benjamin is pleased to announce that we have advised a major bank on the £20,250,000 refinance of four prime residential apartments in Central London, with additional security taken over the freehold interest. This was a complex cross-border transaction that required coordinated advice from offshore council. Our team undertook extensive property due diligence and negotiated a comprehensive suite of security documents covering both the borrower and its connected group companies. By responding quickly to changes in loan terms and maintaining close communication with all parties, we were able to meet the borrower’s completion deadline and ensure a smooth refinance for all concerned. This matter was led by David Eder, working alongside Christopher von Strandmann and Ozan Zorba.
david.eder@haroldbenjamin.com
Connect with David
chris.vonstradnmann@haroldbenjamin.
Connect with Chris
ozan.zorba@haroldbenjamin.com
Connect with Ozan
Recent Deal We are pleased to share a recent success from our Commercial Real Estate team, led by Varsha Sood, who has completed the sale of a £2 million commercial property on behalf of an offshore client. The transaction, which involved a long commercial lease, was delivered within the required timescales, with the client expressing their appreciation for the “great work” carried out. At Harold Benjamin, we take pride in combining commercial understanding with legal precision, enabling us to deliver seamless, high-quality outcomes for our offshore clients and their portfolios.
varsha.sood@haroldbenjamin.com
Connect with Varsha
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THE LEGAL CORNER MAGAZINE | ISSUE 13 DECEMBER '25 HB
Event: Estate Planning Insight Our Private Client team had the pleasure of hosting an event that brought together fine wine and valuable legal insight. Throughout the evening, guests enjoyed a carefully curated wine-tasting experience while our solicitors guided them through some of the most important aspects of Estate Planning. The team explored the role of Wills and Trusts in ensuring that personal wishes are clearly recorded and assets are protected for future generations. We also discussed the importance of Lasting Powers of Attorney in preparing for unexpected life changes. In addition, we provided practical guidance on Inheritance Tax (IHT) and shared strategies that individuals can adopt to safeguard their wealth.
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Recent Deal
Harold Benjamin has successfully advised on the refinancing and equity release of a hotel in South West London valued at approximately £20.6 million.
The transaction, led by Christopher von Strandmann, provided our client with the opportunity to strengthen a long-term relationship with one of its trusted financiers while also unlocking capital to support further projects in the UK and the Middle East.
As part of the transaction, Varsha Sood dealt with the lender’s property due diligence require- ments to include reporting on the occupation and franchise arrangements.
A great team effort and another example of our commitment to delivering strategic support to clients across the hospitality and real estate sectors.
chris.vonstradnmann@haroldbenjamin.
Connect with Chris
Recent Deal
Harold Benjamin is pleased to announce the successful completion of a £60 million Residential Real Estate Finance transaction for a syndicate of borrowers.
Harold Benjamin acted for the lender UBL UK with James Oxley overseeing the corporate aspects and Ray Oshry, managing the property aspects
This transaction represents a significant achievement for all parties involved and further demonstrates Harold Benjamin’s expertise in advising on high-value and complex property finance matters within the UK real estate market. We would particularly like to thank the team from UBL UK and Savills for their collaboration throughout the process with a special thank you to Zeeshan Haider, Mansoor Haq, Ferheen P., Rohit Sharma and Tom Culverwell.
james.oxley@haroldbenjamin.com
Connect with James
ray.oshry@haroldbenjamin.com
Connect with Ray
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THE LEGAL CORNER MAGAZINE | ISSUE 13 DECEMBER '25 HB
In The News
We are delighted to announce that Patrick Browne has officially qualified as a solicitor.
Patrick’s journey with the firm began in March 2021, when he joined us as a Paralegal. In March 2024, Patrick began his training contract, undertaking seats across our Real Estate, Banking & Finance, and Dispute Resolution departments. Throughout each rotation, he showed a strong ability to grasp complex legal issues, support clients and work seamlessly with colleagues across the firm. His qualification in November 2025 marks the culmination of years of hard work, rigorous training and commitment to his development as a legal professional. As he steps into this next chapter, Patrick will continue to develop his expertise within our growing Commercial Real Estate & Real Estate Finance department.
We at Harold Benjamin are proud to have been part of his journey and look forward to seeing all that he will accomplish in the years ahead.
patrick.browne@haroldbenjamin.com
Connect with Patrick
Recent Deal
£3,000,000 Bridging Loan Secured to Redeem Property Portfolio from Receivership.
Our clients property portfolio had fallen into receivership and they required urgent assistance to negotiate a Standstill Agreement and secure funding to redeem the outstanding debt.
The matter was led by Sunil Vaghji, who coordinated the legal strategy and delivery with support from Simran Kaur Chatha (Paralegal) and Hibah Choudrey (Paralegal). His team handled the bridging loan and drove the transaction to completion. Alongside this, negotiations on the Standstill Agreement were undertaken by Vijay Parikh and Christopher von Strandmann, whose expertise was instrumental in stabilising the client’s position while funding arrangements were finalised. Thanks to the combined efforts of Sunil and his team, the debt was redeemed through a £3,000,000 bridging facility and the client was able to retain their asset portfolio, with significant relief following a period of pressure and uncertainty.
A special thank you to Manish Babla from Sterling Professional Finance Limited for his involvement and support throughout.
sunil.vaghji@haroldbenjamin.com
Connect with Sunil
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