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Fraser MacRae


Home office: Cardiff
Also works in: Bristol
Fraser MacRae photo

Fraser represents both lenders and borrowers on secured and unsecured financing and advises on a mixture of loan agreements, note purchase agreements and other funding structures together with associated security documentation and intercreditor arrangements.

Fraser qualified in 1998 is a banking and finance solicitor who joined Clarke Willmott in 2014 after 19 years with a global law firm. He is a partner at Clarke Willmott, Cardiff and advises on a wide variety of finance related matters, acting for both lenders and borrowers. His particular interest and expertise relates to funding work in both the social housing sector and the education sector.

Fraser is ranked in Legal 500 as a “Leading Individual” for Social Housing Finance and is also ranked in Legal 500 for Wales: Banking and Finance and Wales: Social Housing.

Fraser is recommended by Chambers & Partners as a “Ranked Individual” for Social Housing Finance.

How Fraser can help you

  • Fraser is experienced in all types of syndicated and bilateral facilities and security issues and has also worked on a number of private placements and an own name bond issue.
  • Due to his significant experience in the social housing sector and the fact that he works for a mix of lenders and borrowers, he knows what the ‘market-standard’ is when negotiating funding documents and security requirements.
  • He will not waste time on amendments that will not be accepted but will focus on key issues and anything that is off-market, making the most of the time available.


  • Acting for a Registered Social Landlord (“RSL”) on 4 refinancings to be completed simultaneously alongside a transfer of engagements.
  • Acting for a Registered Provider (“RP”) on a refinancing upon an amalgamation. This involved the amalgamation of four RPs to form a sole entity. Each RP had funding with a different bank and each refinancing had to complete simultaneously and to a tight timescale.
  • Acting for Melin Homes in relation to negotiating a £10 million loan facility from Abbey National Treasury Services plc.
  • Acting for Grŵp Cynefin Cyf in relation to a £5 million loan agreement with Affordable Housing Finance plc.
  • Acting for Rhondda Housing Association in relation to a £10 million loan from Barclays Bank plc.
    Acted for United Welsh Housing Association Limited in relation to a £50m facility with Scottish Widows Limited.
  • Acting for London & Quadrant Housing Trust in relation to the issue of £300 million worth of secured bonds.
  • Acting for a large social housing provider in connection with a US$200m private placement. Work involved banking advice in relation to the Note Purchase Agreement, a legal opinion to the noteholders and commercial advice to the client in relation to authorisations and general approvals.
  • Advising One Housing Group on an innovative funding arrangement whereby a local authority lent £100 million outside its own geographical boundaries to our client with the aim of receiving a return on the loan by charging a margin over its cost of funds. We were also called upon to advise on potential vires issues of the local authority in making the loan available.
  • Acting for Triodos Bank UK on multiple loans to RPs, RSLs and Higher Education establishments.
  • Acting for Principality Building Society on multiple loans to RSLs.
  • Acting for Secure Trust Bank on multiple development facilities across several phases on a former US Air Force base near Oxford.


Legal 500 2020 describes Fraser as “calm and experienced” and “solutions-oriented”.

The Legal 500

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