Pivot Finance

Pivot delivers £840,000 commercial bridging loan for West Bromwich office block



623_2021-07-01-09-29-00am.gif
Pivot Finance has completed an £840,000 commercial bridging loan for the purchase of a four-storey office building in West Bromwich.

With prior approval for change of use to residential already achieved, the borrowers had less than three weeks to secure the funding they needed to acquire the property.

Given the tight timescale, an early meeting with both the intermediary, Funding Advisory Limited, and the clients proved vital, which enabled Pivot to gain a full understanding of the borrower’s plans, their complex capital structure and the importance of the loan in both securing the property and enabling them to apply for enhanced planning.

A full valuation was obtained within eight days and, by working closely with the borrowers, intermediary and professional partners, Pivot was able to complete the loan in just over two weeks.

The finance was secured against the office block at 60% LTV on a rate of 0.89% per month over a 12-month term.

Exit will take the form of development finance.

Vishal Dixit, head of business development at Pivot (pictured above), said: “The case certainly had its complexities — quirky asset, planning play, complex borrowing structure and a quick turnaround was needed. 

“Effective communication from the outset was key to getting this completion across the line in a timely and efficient manner.”

Alex Kyriacou, managing director at Funding Advisory Limited, added: “There are very few lenders that understand brokers and the often complex needs of their clients quite like Pivot.

“This was a case that had its quirks, but the team made sure they understood these early on, enabling a smooth and fast completion.”

Leave a comment