Funding 365 and LDN Finance have completed a £5.9m bridging loan at 70% loan-to-value (LTV) with a fixed, flat rate of 0.84% per month secured against a block of 27 apartments in Leeds.
The 12 month development exit loan will enable the borrower to exit their development funding and complete the sale of multiple units.
Additional funds were built into the facility to support the experienced developer’s onward projects.
Krisha Karunananthan (pictured) Funding 365 senior underwriter, said: “With larger development exit schemes like this, brokers who know how to efficiently package the deal and work through any hurdles to provide the best bespoke solution for the borrower make all the difference to its success.
“Chris and Amy were amazing in communicating and working with us to align the different moving parts and complete within the client’s deadline.
“I always appreciate working with knowledgeable, proactive brokers and I look forward to collaborating with the LDN Finance team again.”
Chris Oatway, LDN Finance director, added: “From start to finish the Funding 365 team were faultless.
“They demonstrated speed, efficiency and the highest levels of communication we could ever expect from a lender.
“The underwriting team gave regular updates, were always proactive and supportive on the deal and they worked tirelessly until late at night to ensure we hit our completion target date.
“Mike and Paul were always involved and were flexible when we needed them to take a view on the various quirks within the deal which turned out more complicated than it looked at the start.”
He continued: “Not only that, the rate was market leading so this resulted in a very happy client that was new to LDN and we are already working on the next deal for them.
“It was a pleasure to work with Funding 365 and to have completed four deals in a month where all of them went through without any battles was fantastic in a market that has been clearly challenging to push deals through to completion quickly.”
