Johan Groothaert

Fiduciam completes £950,000 deal for two south-west London properties

Fiduciam has completed a deal worth nearly £1m for two properties in south-west London.

The bridging lender was initially approached to provide a 65% first charge loan to fund the purchase and refurbishment of a property in Battersea valued at £1.3m.

However, when Fiduciam learned that the applicant – a building contractor — had a cash shortfall of around £100,000, it arranged a valuation on another property owned by the borrower in nearby Sutton. 

With this second property valued at £1.5m, the lender offered a 54% LTV second charge loan, which covered the cash shortfall.

Overall, Fiduciam provided a total loan of £950,000 over 12 months, at a rate of 0.80% per month.

Ryan Parrett, business development manager at Fiduciam, said: “While there are many lenders that will do standard short- and long-term loans, Fiduciam is perfectly placed to help those whose requirements are more complex and who need a lender who has the experience to think more creatively.”

Johan Groothaert, chief executive at Fiduciam (pictured above), commented: “With the election bringing an end to a period of political instability, we believe that the upside potential now clearly exceeds the downside risk.”

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