Arc & Co. has completed two short-term loans for a borrower seeking to release capital and complete a commercial-to-residential conversion.
Sam Beaumont (pictured), adviser at Arc & Co., dealt with Alternative Bridging Corporation to get the transaction over the line.
An alternative overdraft facility of £245,000 was secured against an unencumbered residential property for 24 months, providing the borrower access to multiple drawdowns on demand which can be repaid or redrawn repeatedly.
A 12-month refurbishment loan of £560,000 was used to finance the acquisition and conversion of a clinic into a three-bedroom house.
Beaumont commented: “It was imperative that the transaction completed quickly, and it was refreshing to work with a lender who leapt into action.
“The funding package we structured met the needs of the client, and I am confident that we have put together a solution that demonstrates the power of understanding lender appetite and pragmatism.”
Taylor Osunsedo, business development manager (BDM) at Alternative Bridging Corporation, said: “I instantly understood the urgency of the situation and the team and I were quick to get the ball rolling to meet the client’s deadlines.
“I find it rewarding to see that we enabled the client to proceed with their project without any further unnecessary delays.
“I’d like to extend my appreciation to Sam, and everyone involved, for supporting us to complete both loans in just 10 days total. This case was our first together and I look forward to building on the relationship.”
