Funding 365 completes £3.15m light development loan
Funding 365 has completed a £3.15 million, 15 month loan to convert a four storey, semi-detached building in South West London from flats to a spacious 6 bed house.
The loan, introduced by Daniel Sovitch at Life Financial Solutions, provides the borrower with £1.3 million day one to refinance the property.
It also delivers 100% cost of works, with 11 further drawdowns totalling £1.85 million. The conversion requires extensive reconfiguration, including a new basement and two storey extension.
Given the complex nature of the works, the Funding 365 underwriter assigned to the case met with the developer on site to discuss all aspects of the project.
A last minute 50% increase in build costs required a speedy loan restructuring, and they worked around the clock to deliver the competitive solution.
The loan is under Funding 365’s versatile light development product, which offers bespoke solutions of up to £5 million on properties across England and Wales, with no admin fees, exit fees or early redemption fees
Nikhil Shah, Senior Underwriter, Funding 365 comments:
“This case illustrates the flexibility of our light development loan product. It’s designed to support a range of projects, from internal refurbishments to heavy property extensions, PDR conversions and finish & exits.
What’s more, our unique way of working makes us agile in managing unexpected, last-minute issues that would cause other lenders to terminate the loan.
Thanks to Daniel Sovitch at Life Financial Solutions, whose expertise and hard-work ensured that the loan completed on time.”
Daniel Sovitch, Director, Life Financial Solutions adds:
“Funding 365 were a perfect fit for my client.
The complexity of the deal required a commercially minded lender that would help us tailor the product to best fit my client’s needs, and of course deliver the finance at the speed and efficiency required.
Nikhil and the management team at Funding 365 were extremely proactive and, as always, never let me down.”