Due to a Care Quality Commission (CQC) issue with one of the homes, the borrower had run into trouble with their high street lender that wanted to foreclose on their loan, despite the business still being in profit.
The borrower stood to lose around £8m in equity had the lender progressed a sale through administrators.
The Fiduciam team, working closely with master broker Positive Lending, found a solution and ensured completion of the 24-month bridging loan took place in plenty of time to pay off the first lender.
This allowed the borrower to retain the business they had spent 20 years building and, in doing so, prevented the loss of numerous jobs and much-needed beds for patients, Fiuciam said.
The business has now been able to put another long-term loan in place.
Fiduciam has supported SME’s with over £148m of loans and is currently lending at a rate of £200m per year, with growth in 2018 expected to be up 200% from 2017.
Harry Hodell, senior originator at Fiduciam who managed the case, told Mortgage Solutions the lender is looking to expanding further.
He said: “Completing the amount of work required on this case in a short timeframe shows our process works; we are able to handle complicated cases efficiently and effectively. Matt at Positive Lending was the consummate professional throughout the process and assisted us greatly with the completion of this loan.”
Fiduciam director Johan Groothaert (pictured) said: “This loan, our largest to date, has helped a borrower out of immense financial difficulty. Fiduciam assesses each case on its own merits and delivers bespoke solutions to both intermediaries and borrowers.
“Our strength lies in our institutional funding, which means Fiduciam is able to lend up to 25m in multiple currencies such as euros, sterling and US dollars on property across England, Wales and Ireland, as well as a number of European countries with loans up to three years.
“We continue to develop in all areas of our business with ambitions to continue to expand through innovative lending and problem solving.”
Matt Vincent, specialist lending director at master broker Positive Lending, said: “At Positive, we have a dedicated team specialising in bridging finance who frequently arrange large loans for short term lending.
“This particular client needed almost £15m funding to pay back their original lender but their security situation was complex, which is why we approached Harry at Fiduciam.
“The lender’s can-do attitude and ability to quickly understand the borrower’s situation meant we were able to arrange the monies required and, more importantly, help save the client’s business.”