Funding 365 and Black Book Finance beat the clock for development exit bridging loan

Funding 365 and Black Book Finance have delivered a 75% LTV development exit bridging loan, beating a hard deadline, to save their client from substantial charges on their maturing development facility.

The £880,000 bridging loan provides the extra time required for the developer to market and sell their three new-build houses in Hampshire.

The completion required unusually high coordination and communication between Funding 365, Black Book Finance and the lawyers on the case, Fieldfisher and Boyes Turner and included the need for a courier to deliver loan documents with less than two hours to the deadline.

Funding 365 Senior Underwriter, Jonathan Brooks, comments:

“Working with the Black Book Finance team was seamless.

When timing is critical, having brokers who stay adaptable and communicate consistently is invaluable.

This case highlights how solid partnerships between lenders, brokers, borrowers and solicitors directly impact success.”

Black Book Finance CEO, Michael Clapper, adds:

“The team at Funding 365 are always a pleasure to deal with and this case was no exception.

From my experience, it is only when a lender commits to working in sync with the broker and the lawyers, that hard deadlines can be met.

That was certainly the case here, and is one of the key reasons Funding 365 is always given the opportunity to quote for our clients.”

Borrower Solicitor, Cara Groves, of Boyes Turner’s Development and Housebuilding Team adds:

“It was delightful to see such determination and alignment across on all fronts on this transaction.

Achieving completion by the target date, especially with the matter so seemingly far from the finish line on Friday morning, speaks volumes to the collaborative effort of everyone involved.”