Funding 365

Funding 365 completes complex £3m semi-commercial bridge

Funding 365 has partnered with brokerage Kalms Property Finance to provide a £3m semi-commercial bridging loan.

The facility was secured against a commercial unit and a residential mews house in London.

The funding enabled the client to exit a development finance loan, which they had used to build the commercial property on land adjacent to the existing house.

The bridging lender also provided the borrower with short-term cash flow to allow them to focus on letting the commercial space and refurbishing the residential property.

Funding 365’s team met with the borrower on site to discuss the proposal and oversee the valuation two days after it was instructed, and the loan was provided within 10 days to meet the borrower’s deadline.

Despite the commercial unit being part vacant post works and the mews house being fully vacant and requiring refurbishment, Funding 365 provided the loan with an interest rate of 0.85% pcm at 67% net LTV.

The planned exit route for the loan is through a restructuring of the borrower’s large property portfolio and refinance of other unencumbered assets.

“The smooth execution of this complicated loan was down to great teamwork from all parties involved – borrower, broker, lender, surveyors and lawyers,” said Paul Weitzkorn, director at Funding 365 (pictured above).

“Funding 365’s bridging loan terms are always credit-backed, so even when complexities [are] present at the due diligence stage, we are able to stay commercially minded and deliver the required funds to the client at a highly competitive rate."

Samuel Kalms, director at Kalms Property Finance, added: “It was a pleasure working with Funding 365 on this refinance.

“[Its] process and turnaround time – coupled with experience and dealing with decision makers – was extremely valuable and enabled us to deal with a number of last-minute hurdles to get the loan over the line within the tight timeframe.”

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