Fincorp gets developer out of a tight squeeze
Bridging lender Fincorp has completed a £900,000 loan secured over two Gloucestershire properties, enabling the conversion of a chapel into a recording studio to be used by a member of 70s band Squeeze.
The deal was brought to Fincorp by Chris Dailly from Jumbo Bridging who had agreed a £625,000 first charge loan on a third property with Hope Capital but needed another lender to help his client secure the whole development.
The property was formerly owned by the local diocese and is made up of three separate buildings – the guest house and the lodge funded by Fincorp with a combined valuation of £1.5m – and the convent, funded by Hope Capital.
Matthew Anderson, director at Fincorp, said:
“This deal was a no brainer for us. The borrower is a serial entrepreneur and has developed various residential properties as well as hotels.
“He needed a short-term loan to develop the lodge and guest house to sell on as well as converting the convent to his own home and the chapel into a studio – he’s mates with one of the group Squeeze!”
Anderson said the deal made perfect sense to Fincorp as the borrower already has buyers lined up to purchase the properties after refurbishment.
Chris Dailly of Jumbo Bridging added:
“We specialise in large bridging loans and this property certainly fits the bill. It’s a quality opportunity to work with a quality developer.
“We’re an entrepreneurial business and we choose to work with Fincorp because their ethos matches our own – they’re no fuss and eager to lend.
“They’ve also been in the bridging market for many years and have a no nonsense, speedy approach to financing deals. They’re a trusted partner.”
Jumbo Bridging is a specialist large loan master packager arranging bridging finance on behalf of other brokers as well as for developers directly.
Fincorp has been lending for 25 years in the bridging market and charges a flat monthly rate with no fees to pay at all.
Brokers earn 1% proc fee on the deal paid directly from Fincorp on the day the loan completes.