Cristina Villen

Fiduciam completes two loans in Spain

Short-term lender Fiduciam has completed two loans in Spain during the Covid-19 state of emergency, totalling €2.44m (approximately £2.1m).

Despite lockdown restrictions, the first deal — a 24-month bridging loan— was provided to offer working capital to a construction company to proceed with several building projects for public authorities.

It was secured by unencumbered and tenanted warehouses in the suburbs of Barcelona.

The second transaction was for a villa within a golf complex on the Costa del Sol.

This loan was complicated as the borrowers were from different countries and Fiduciam had to work across three countries to complete the deal.

The lender claimed that local banks were unwilling to lend because the principals’ track record was not in Spain.

Cristina Villen, business development manager for the Spanish team at Fiduciam (pictured above), said: “It’s always pleasing to be able to provide funding for projects when the borrower has struggled with traditional lenders.

“But, at the moment, given the Covid-19 crisis, it is especially gratifying to have been able to overcome the hurdles caused by the state of emergency.

“While the Covid-19 crisis has very much tested Spain, I am confident my country will come out of it strong and I try to add my little bit by standing by our Spanish entrepreneurs and SMEs.”

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