Bridging
Funding 365 completes £1.6m bridge in three days
Funding 365 has completed a bridging loan in just three working days after the original lender amended its loan terms.
The deal was required to assist with the purchase of a commercial property with a strict vendor’s completion deadline.
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 a 72% loan-to-purchase-price at a rate of 0.85%pm.
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Funding 365 director Paul Weitzkorn said: “We are very pleased that we were able to help the borrower save his purchase under such time pressures.”
Alpha Property Finance partner Clive Liddelow, who brokered the deal, added: “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.”