Bridging lender provides its largest loan to date

Fiduciam has completed a £14.91m loan – its largest to date – to refinance three care homes.

The bridging and marketplace lender’s facility will allow the borrower to save their business.

Due to a Care Quality Commission (CQC) issue with one of the homes, the borrower had run into trouble with their high street lender, who wanted to foreclose on its loan, despite the business still being in profit.

The borrower was set to lose around £8m in equity had the lender progressed a sale through administrators. 

Fiduciam worked closely with all parties through numerous issues and unexpected delays as it found a solution to ensure that completion of the 24-month bridging loan took place in plenty of time to pay off the first lender.

The loan allowed the borrower to retain the business they had spent 20 years building and, in doing so, prevented the loss of jobs and beds for patients. 

"This loan, our largest to date, has helped a borrower out of immense financial difficulty,” said Johan Groothaert, director at Fiduciam (pictured above).

“Our strength lies in our institutional funding, which means Fiduciam is able to lend up to 25 million in multiple currencies such as euros, sterling and US dollars on property across England, Wales and Ireland, as well as a number of European countries with loans up to three years. 

“We continue to develop in all areas of our business with ambitions to continue to expand through innovative lending and problem solving.”

Fiduciam has supported SMEs with over £148m of loans and is currently lending at a rate of £200m per year.

"The manner in which the Fiduciam team managed themselves to complete this case proves that Fiduciam is a lender looking for solutions to overcome problems,” added Harry Hodell, senior originator at Fiduciam, who managed the case. 

“Completing the amount of work required on this case in a short timeframe shows our process works; we are able to handle complicated cases efficiently and effectively. 

“Matt [Vincent] at Positive Lending was the consummate professional throughout the process and assisted us greatly with the completion of this loan.”

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