BloomSmith has provided a £1,191,800 unsecured loan for a commercial property acquisition in Slough, forming part of a £5,959m purchase to convert an office block into 67 apartments.
The VAT bridging loan allowed for cost-effective and timely access to funds in partnership with propX, which focuses on data-driven international real estate deals.
Guelane Mansour, co-founder and CEO of propX, said: “Financing a deal of this size is a testament to propX’s ability to structure complex cross-border real estate transactions.
“This deal wouldn’t have happened without BloomSmith’s unwavering support, commitment, and ability to navigate the inevitable pitfalls of development finance for overseas buyers.
“This is not our first deal with BloomSmith and as always, we were grateful for their legal partnership with Ella Leonard of Fladgate.”
Nigel Smith, CEO at BloomSmith, said: “This is a prime example of how BloomSmith’s VAT funding provision can deliver specialised funding that’s tailored to overcome the complexities of funding for overseas buyers and the need to assist with navigating HMRC processes.
“For overseas buyers, in country leverage is always going to provide greater certainty as compliance regarding international money transfers and FX fluctuations can negatively impact on costs.”
Smith added: “Guelane and propX can make a big difference to both their client’s bottom line and stress levels, and we are always happy to assist.
“The client can now ensure that their capital remains in their pocket, so they can focus on delivering the next stage of this exciting development.
“Thank you to Guelane, the propX team and all other parties involved for enabling this smooth transaction.”
