The bridging lender was approached by packager Capital & Equity PLC as the latter’s client needed an urgent bridging loan to refinance their development funding and increase their cash flow.

Timings were critical as the client wanted to exit their existing loan with another lender as soon as possible because they had exceeded their original term due to issues with their main contractor.

Funding 365 worked closely with Capital & Equity PLC and the borrower – meeting numerous times at the site – to ensure the loan could be completed before the deadline.

The new-build property contained nine flats along with three commercial units on the ground floor, which required minor works to be completed before the new-build warranty could be put in place.

Funding 365 provided loan terms of nine months, an LTV of 75%, with the exit via the sale of the individual units.

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Mike Strange, managing director at Funding 365 (pictured above), said the bridging lender had seen a steady increase in development exit enquiries over the past year, especially at the higher end of the market after it had increased its standard loan size to £10m.

“Completing loans quickly is never an issue for us, and this loan went particularly smoothly thanks to the hard work and professionalism of the team at Capital & Equity.

“Credit should also go to our underwriter on the case Jon Brooks and our valuation and legal partners, who demonstrated their usual efficiency and dedication.

“In fact, this was just one of six loans that Funding 365 completed in the week before Christmas, so their dedication was pretty heroic really."

Keith Robinson, managing director at Capital & Equity, praised the Funding 365 team adding: “From initial site visit to completion, their hands-on approach and positive can-do attitude made the process simple and extremely efficient.

“Our client was up against tight deadlines and needed certainty that completion would take place on time.

“Funding 365’s speed of processing and communication throughout allowed us to complete quickly and within the client’s required timescales.

“Capital & Equity PLC look forward to working with the Funding 365 team on many more future cases in 2018.”