Funding 365 funds £2.7m portfolio bridging loan

By Bridging Loan Directory 11th April 2022

Funding 365 has delivered a £2.7 million, 68% LTV residential bridging loan to consolidate debt and raise funds for the purchase of a property in Southsea, introduced by Black Book Finance.

The 12 month facility allowed the borrower to consolidate first charge debts secured against three properties. Located in Hampshire and London, these assets are comprised of one serviced accommodation and two BTL houses.

The remaining funds were used to purchase a further 3-storey property, which contains eight apartments with uninterrupted sea views.

The borrower will now undertake light decorative work to bring the mix of studio and one and two bedroom flats to a high quality in preparation for tenancy.

They will exit the loan via refinance of the entire portfolio.

Jon Brooks, senior credit officer at Funding 365 comments:

“Given the challenges and complexities of this case, the fact that we were able to refinance the borrower’s current debt and also provide funds for a new purchase is a testament to the flexibility of our residential bridging product.

Credit to the Black Book Finance team and all the solicitors for their support at every step.”

Michael Clapper, CEO, Black Book Finance adds:

“This was a complex requirement, but the team at Funding 365 have my gratitude for stepping up to structure a facility to provide the best possible client outcome.

Success for these types of transactions are always so reliant on teamwork and communication between lender, broker and solicitor, and this case proved the point once again!”