Funding 365 and LDN Finance complete £5.9m bridging loan

Funding 365 and LDN Finance have completed a £5.9 million bridging loan at 70% LTV with a fixed, flat rate of 0.84% per month secured against a block of 27 apartments in Leeds.

The 12 month development exit loan enables the borrower to exit their development funding and complete the sale of multiple units.

Additional funds have also been built into the facility to support the experienced developer’s onward projects.

The complicated loan required constant communication from all parties to ensure completion to deadline.

This case is just one of a wide variety of property loans that the Funding 365 underwriters and LDN Finance team have worked seamlessly together to deliver recently.

Other examples from the past month include a semi-commercial bridge secured against a flat and café in Bristol, a development loan to refurbish a property and build a new detached house on its grounds, and a £3 million development exit bridge secured against 4 new-build houses in Essex.

The latter was priced at 0.82% per month at 66% LTV and required a quick execution in order to save the borrower from incurring costs from their maturing development loan following a last minute rejection from another lender.

Krisha Karunananthan, Senior Underwriter, Funding 365, comments:

“With larger development exit schemes like this, brokers who know how to efficiently package the deal and work through any hurdles to provide the best bespoke solution for the borrower make all the difference to its success.

Chris and Amy were amazing in communicating and working with us to align the different moving parts and complete within the client’s deadline.

I always appreciate working with knowledgeable, proactive brokers and I look forward to collaborating with the LDN Finance team again.”

Chris Oatway, Director, LDN Finance, added:

“From start to finish the Funding 365 team were faultless.

They demonstrated speed, efficiency and the highest levels of communication we could ever expect from a lender.

The underwriting team gave regular updates, were always proactive and supportive on the deal and they worked tirelessly until late at night to ensure we hit our completion target date.

Mike and Paul were always involved and were flexible when we needed them to take a view on the various quirks within the deal which turned out more complicated than it looked at the start.

Not only that, the rate was market leading so this resulted in  a very happy client that was new to LDN and we are already working on the next deal for them.

It was a pleasure to work with Funding 365 and to have completed four deals in a month where all of them went through without any battles was fantastic in a market that has been clearly challenging to push deals through to completion quickly.”