Funding 365 has completed a £1.6m bridging loan at a rate of 0.64% per month to refinance the development facility secured against three converted barns in Surrey.
Introduced by Aureum, the 63% loan-to-value (LTV) loan has a term of 12 months to give the borrower ample time to market and sell their properties.
As with all of Funding 365’s bridging loans, if the borrower is able to exit early after the minimum three month term they would receive no ERCs and their interest would be rebated on a daily basis.
Kieran Payne, Aureum finance consultant, said: “It’s a tough market for developers and this deal really highlights that.
“My client delivered a stunning project on budget and ahead of schedule yet, as we’re seeing with many developments, has experienced a challenging sales period.
“Working with lenders like Funding 365, who provide competitive products and a seamless service throughout, makes all the difference in relieving that pressure.
“Thank you to Allegra, Katie and the team for their efforts in getting this one over the line.”
Katie Spitz, Funding 365’s deputy head of underwriting, added: “We’re well known for development exit bridging and our recent rate drop has triggered an even greater surge in enquiries for this purpose.
“It’s always rewarding to support developers through the final stages of their projects, when competitive pricing and flexibility are crucial.
“Kieran and Mo at Aureum were highly communicative and made the process a pleasure from start to finish, and due credit must also go to the legal team at Fieldfisher.”
