Funding 365 completes £1.6m commercial bridging loan in three days
Funding 365 has completed yet another bridging loan in just three working days, to assist with the purchase of a commercial property with a strict vendor’s completion deadline, after the original lender amended their loan terms.
The security is a commercial unit occupied by a high street bank with a strong tenancy, which also benefits from planning permission to convert the upper floors into residential dwellings. Given the time constraints of the loan an off-panel valuation re-type was accepted. With a strong lease in place and a clear exit route, Funding 365 offered the borrower 72% LTPP at a rate of 0.85%pm.
Funding 365 Director, Paul Weitzkorn, pictured, comments:
“We are very pleased that we were able to help the borrower save his purchase under such time pressures. This is just another example of the fast, tailored service that our broker partners have come to appreciate from us.”
Alpha Property Finance Partner, Clive Liddelow adds:
“The Funding 365 team and their solicitors performed admirably under extreme timing pressures to complete the deal on time and immediately understood the fundamentals and complexities of the deal. Alpha Property Finance together with our new strategic partner, LSH Property Finance, would have no hesitation in using Funding 365 and this form of loan structure again when there is an urgent acquisition deadline.”