Pluto and Christie Finance complete £5.8m bridging deal

Christie Finance has secured a £5.8m bridging loan from Pluto Finance for two clients looking to acquire a hotel in Harringay, north London.

The borrowers — who are experienced property investors — required the funds to acquire and refurbish the Central Park Hotel in Finsbury Park, for which they had a pre-let agreement with a national housing association.

The case presented some difficulties, as the clients were only able to repay the facility three months after the completion, once the tenants were in situ.

In addition, the borrowers had agreed to purchase the shares of the company that owned the freehold title of the property, which required further due diligence from both Pluto Finance and the solicitors acting on behalf of the lender.

Nevertheless, Pluto Finance was able to provide the facility at 0.68% pm over a 12-month term, with interest retained for the first three months.

Ram Kakar, finance consultant at Christie Finance, said: “The completion of this transaction is evidence of Christie Finance’s ability to service new and existing clients within the short-term lending space.  

“The clients were well-versed within the market and were prepared in all aspects of the transaction. 

“We would like to thank the client for putting their trust in us and we look forward to being able to assist our new and existing client base in the same way.”

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