Funding 365 and Merryoaks Property Finance have completed a £4.3m residential bridging loan at a rate of 0.67% per month to enable their client to exit their maturing development facility.
Secured against seven newly constructed houses in Norfolk, the 65% loan-to-value (LTV) loan provides the experienced developer with ample time to sell the properties.
The loan is under Funding 365’s transparent residential bridge product.
Fraser Mills, Funding 365 underwriter, said: “Development exit remains a popular use for our residential bridge product.
“We always strive to find the best solution for our clients and it was satisfying to be able to deliver such a competitive rate here, given the high spec of the properties and the level of experience of the borrower.
“George and the hands-on team at Merryoaks were integral to the loan completion, facilitating a smoother and quicker transaction. Credit should also go to both sets of lawyers who worked together seamlessly.”
Saam Lowni, Merryoaks property finance director, added: “We’re proud to collaborate with Funding 365, a lender that is both commercially minded and responsive to client needs. In an economic climate that has seen considerable turbulence over the past 18 months, it is more important than ever to work with partners who share our commitment to practical, client-focused solutions.
“At Merryoaks, we’re passionate about helping to address the affordable housing crisis, and partnerships like this, where all parties are aligned, are crucial in delivering positive outcomes. George and I sincerely appreciate the shared effort that made this transaction such a success.”
