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.
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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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