Rockbridge Lending completes £4.35m three-month bridge

Rockbridge Lending Ltd has completed a £4.35m three-month closed bridge in 14 days.

The London-based company has been lending since November 2017, while its director, Rudy Metta, has been lending on behalf of investors and family for the past three years.

The loan was provided at 51% LTV and is secured against two plots of land in Birmingham with planning.

The funding will be used to purchase a site and refinance an existing one. 

The closed bridge means that the borrower has already exchanged contracts to sell the two plots in three months. 

Interest is serviced monthly at 1.34% per month net to the lender.

Rockbridge has also given the borrower a 12-month facility in case it is required. 

Full due diligence was carried out by Rockbridge’s law firm Solomon Taylor & Shaw.

“…Due diligence went fairly smoothly, despite being time [constrained],” said Rudy.

“In some occasions you find you’re drip fed information at first, but we were relatively pleased with our pace on this deal.  

“We have a steady pipeline with investors lined up and hope to close an additional £15m till year end. 

“Taking [into] consideration our typical size is £250,000 to £2.5m.”

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