A specific set of lender requirements, solicitor instructions as well as a facility template and security documentation has been set up by Fiduciam to cater for the Scottish market.
Clint White, head of property lending at Fiduciam (pictured above), said that the Scottish market was “buoyant” at the moment.
“We see a lot of opportunity here, especially in the Glasgow and Edinburgh areas, where our initial focus will be.
“Our aim is to be the first port of call for any broker with a transaction to place in Scotland.
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“We can move quickly and have excellent solicitors on board who are proactive and commercially minded.”
The bridging lender — which opened a Manchester-based office earlier this year — provided a £1.14m loan over a 24-month term which will allow the owners of a Glasgow care home to refinance their existing borrowing.
Fiduciam may also provide an additional funding line to assist the borrower with plans to increase the number of beds from 32 to 50.
Victor Tang, underwriter at Fiduciam, said: “This is a reasonably complicated case, but Fiduciam are well placed to handle this type of business, based on our previous experience of transactions involving care homes.
“The owners have already renovated the care home to a high standard and turned it into a profitable operation.”