Kunal Mehta

Northern bridging lender SDKA Ltd secures new funding

Bridging lender SDKA Ltd has revealed to Bridging & Commercial that it is aiming to extend its reach to more brokers following the addition of a new source of funding.

The firm operates in the North West and offers unregulated bridging finance for business purposes.

It primarily lends to limited companies on commercial properties or residential BTL in England and Wales up to 70% LTV for customers with clean credit.

The lender has attracted a new source of funding in the form of small self-administered scheme (SSAS) pension funds and recently released a loan note as a trial to raise £1m.

It now has around £5m–6m available to lend. 

The lender claimed it would issue facility agreements in 48 hours and promises to have this with the borrower’s solicitor in the same timeframe.

SDKA’s bridging rates — which start at 1% per month for the first six months — can increase to 1.5% per month after, depending on the loan.  

The financier provides loans from £26,000 up to £1m, with the bulk of its lending between £50,000 and £350,000.  

Kunal Mehta, managing director at SDKA (pictured above), said: “…We’re not the cheapest in the market, but we have got a reputation in the North West for getting the job done and they know that if we issue a facility agreement, which is obviously very quickly within 48 hours, we just don't renege on them.”

Leave a comment