The Brightfield Group secures £7.2m bridging loan from Funding 365




Funding 365 has completed a £7.2m bridging loan for The Brightfield Group to refinance existing debt for its 50 new apartments in Peterborough.

The 75% LTV facility — agreed at 0.69% pm over a nine-month term with no admin or exit fees — enabled the borrower to exit the development funding lines, which were secured against their one- and two-bedroom flats and penthouse duplexes.

The funding also gave the borrower additional time to sell the properties.

The case — introduced by Pilot Fish — was complex, with multiple development loans needed to be refinanced and many of the units in various stages of sales processes. 

Funding 365 worked closely with all parties to ensure that the loan progressed smoothly, and was able to complete the deal the day before the deadline, thus saving the borrower from paying an additional month of interest on their prior borrowing.

Nikhil Shah, senior underwriter at Funding 365, said: “Peterborough is going through an exciting period of regeneration, and we’re pleased to have had the opportunity to contribute to its growth. 

“Delivering a complex loan like this is incredibly satisfying; credit to the borrower, Pilot Fish and all of the solicitors for their parts in helping to ensure that it completed so smoothly.”
 
Richard Jones, managing director at Pilot Fish, added: “We were impressed by Funding 365’s pragmatic and flexible approach to dealing with legal issues as and when they arose and we were delighted to get this deal over the line on time with its support.”

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