The funding was required quickly as the borrower’s development facility was coming to an end and the existing lender was unable to offer an extension for sales or refinancing.
Funding 365 then completed the loan prior to receipt of a valuation report at a projected 75% gross LTV.
- Adapt Finance exceeds £400m of completions
- Funding 365 completes complex £3m semi-commercial bridge
- Funding 365 completes £1.6m commercial bridge in three days
Calum Waite, senior underwriter at Funding 365 (pictured above), said: “I’m pleased to have played my part in helping a client’s project with another multi-million-pound, three-day completion.”
Stephen Burns, director at Adapt Finance, added: “When Funding 365 said they’d complete this case in three days, as much as I wanted to believe them, I thought it would be tough.
“Add to that, the security changing more than half a dozen times, it got done and with time to spare.”