The property finance broker was approached by a client looking to secure funding in order to develop the top three floors of a commercial property in Berkshire.
The client had planning permission in place and Adapt brokered a development finance facility for the top three floors, leaving the ground floor to be arranged.
The ground floor was tenanted and the borrower was an experienced property professional with a solid exit plan.
Funding 365 was therefore happy to offer its 0.75% per month commercial interest rate and provide the loan at 65% LTV.
- Funding 365 and Adapt complete £3m of bridging loans
- Funding 365 completes short-lease bridge in four days
- Funding 365 cuts commercial bridging rates
The deal needed to be completed quickly as the development facility and bridging loan needed to be completed on the same day.
“It was critical to complete both the development funding and commercial bridge on the same day and we knew we could rely on Funding 365 to deliver,” said Jordan McBriar of Adapt Finance (pictured above).
“Keeping a keen rate, the client was more than happy with the whole experience.”
Laura Kendall, marketing director at Funding 365, added: “Adapt orchestrated this rather complicated deal involving different loans and lenders with its usual skill and good humour.
“We always have complete confidence that any deals that it packages will complete with the minimum of fuss.”