Funding 365 has completed a 0.72% per month semi-commercial bridging loan and a 0.79% per month light refurbishment loan a week apart for clients of SPF Private Clients.
The £2.1m light refurbishment loan delivers 75% loan-to-gross-development-value (LTGDV) to enable the borrower to finish their renovation of a three bed flat and includes a drawdown once the remaining works are signed off.
The client plans to exit via sale.
The £1.1m semi-commercial bridging loan delivers 61% loan-to-value (LTV) to allow the borrower to purchase an end of terrace property with a retail unit on the ground floor and a two bed maisonette above.
The client plans to use the commercial unit for their own business and sell the flat.
As the commercial element is less than 30% of the total property value, the loan fit under Funding 365’s Residential Bridge product.
Paul Weitzkorn (pictured), director at Funding 365, said: “We’ve worked with the team at SPF Private Clients for many years and their consistently high quality deals and hands-on approach never fail to impress.
“It’s always a pleasure to support their clients with our highly competitive, tailored solutions.”
Amadeus Wilson, director at SPF Private Clients, added: “It’s been a pleasure working alongside Paul and his team on these two transactions.
“Their responsiveness and deep understanding of the market have allowed for a seamless process from start to completion.
“We look forward to building on our relationship with Funding 365 and hope to present more cases to them in the months ahead.”
