Fiduciam completes complex bridge loan in Belfast

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  • 20/07/2021
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Fiduciam completes complex bridge loan in Belfast
Fiduciam has completed a bridge loan on a property in Northern Ireland in six weeks.

 

The complex bridge was against a five-storey office building in central Belfast, the former headquarters of tax firm KPMG. 

The borrower had refurbished the property at the end of last year, but works were impacted by the pandemic. The marketability of the property was also affected as people worked from home. 

Fiduciam provided the borrower with a loan on a 12-month term, to allow time to find a tenant. 

Since then, there have been a number of viewings with most interested companies looking to rent the whole building, which is the preferred option for the borrower. 

The case was made complex because one of the borrower’s guarantors was based in Northern Ireland, while the other was based in the Isle of Man. This meant Fiduciam had to deal with three different law firms. 

Wilson Nesbitt in Northern Ireland, Keystone Law in the Isle of Man and McGahon & Associates Solicitors in the Republic of Ireland were involved with the transaction. 

The deal comes ahead of the lender’s plans to expand into Northern Ireland by opening an office in Belfast later this year. It plans to extend business in the region following demand for its loans in the area. 

Ken Duffy, Fiduciam country manager for Ireland, said: “This transaction demonstrates how Fiduciam puts the client at the heart of any transaction. The fact that we could provide the client with an attractive loan and do so in just six weeks meant that the borrower saved a huge amount of money; and a key building in central Belfast could be refurbished and turned back into valuable office space.  

“We would like to thank Neil Logan and Rowan Gibney from Wilson Nesbitt, Max McGahon from McGahon & Associates Solicitors and Geoff Kermeen from Keystone Law for assisting us in this difficult transaction.”   

He added: “This is a clear example of how we work efficiently to find solutions to challenging deals in an environment where other lenders may struggle. 

“Our pipeline of business is building and we are growing at a rapid pace so we are now dedicated to opening an office in Belfast. This is paramount to helping more businesses and developers both in Northern Ireland and also in the Republic of Ireland.” 

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