Allica Bank has completed a £5.85m bridging loan for the purchase of an office building in Marylebone, London.
The asset has planning consent for six luxury flats and the deal was introduced by Arc & Co and needed to be completed in 18 days after the borrower was let down by another lender.
Allica Bank delivered a six-month term within the required timeframe.
The borrower said: “In these difficult, uncertain economic times, it was great to deal with a funder who did exactly what they said they would do.”
This deal added to a record April for Allica Bank’s bridging finance team, with the bank seeing its highest level of lending and new introductions.
Steve Palfreeman (pictured), business development director – bridging at Allica Bank, said: “This deal is short term bridging finance at its best. Getting this executed in such a tight timeframe required a real team effort from all parts of the bank, in particular, Jade Lidiard who was the underwriter on this case.
“April being a record month for the team is testament to their determination, commitment to service and the growing market for flexible, relationship driven commercial lending in this space.”
Palfreeman added: “There is huge appetite for lending at Allica Bank, especially in circumstances such as this where a strong sponsor found themselves let down at the last minute.
“In these instances, we are able to move incredibly quickly and make a deal happen thanks to our expert team.
“This is an incredible project and I look forward to seeing how it progresses now that it is on firmer financial footing.”
Cameron Hayes, broker at Arc & Co, said: “It’s great to get this one funded with Allica. Arc & Co were keen to rely on a party that can deliver, and as execution is key in the current market, we’re pleased to get another deal across the line with Steve, Jade and the team.”
