The facility was secured against a commercial unit and a residential mews house in London despite the commercial unit being part vacant post-works and the mews house being fully vacant and requiring refurbishment.
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.
Funding 365 met with the borrower on site to discuss the proposal and oversee the valuation two days after the valuation was instructed, and the loan was executed within 10 days to meet their deadline.
An interest rate of 0.85% per month at 67% net loan to value was completed on the deal.
The planned exit route for the loan is via a restructure of the client’s large property portfolio and refinance of other unencumbered assets.