Funding 365 completes complex £3m semi-commercial bridging loan
Funding 365 partnered with finance brokerage Kalms Property Finance to deliver a £3 million semi-commercial bridging loan secured against a commercial unit and a residential mews house in London.
The loan enabled the client to exit a development loan which they had used to build the commercial property on land adjacent to the existing house. It also provided them with short-term cashflow to allow them to focus on letting the commercial space and refurbishing the residential property.
The Funding 365 team met with the borrower on site to discuss the proposal and oversee the valuation 2 days after the valuation was instructed, and the loan was executed within 10 days to meet their deadline.
Despite the commercial unit being part vacant post works and the mews house being fully vacant and requiring refurbishment, Funding 365 delivered an interest rate of 0.85%pm at 67% net LTV. The planned exit route for the loan is via a restructure of the client’s large property portfolio and refinance of other unencumbered assets.
Paul Weitzkorn, pictured, director at Funding 365 comments:
“The smooth execution of this complicated loan was down to great teamwork from all parties involved – borrower, broker, lender, surveyors and lawyers. Funding 365’s bridging loan terms are always credit-backed, so even when complexities present at the due diligence stage we are able to stay commercially minded and deliver the required funds to the client at a highly competitive rate.”
Samuel Kalms, director at Kalms Property Finance adds:
“It was a pleasure working with Funding 365 on this refinance. Their process and turnaround time coupled with experience and dealing with decision makers was extremely valuable and enabled us to deal with a number of last minute hurdles to get the loan over the line within the tight timeframe.”