Funding 365

Funding 365 completes £2.7m bridging loan with Black Book Finance

Funding 365 has completed a £2.7m bridging loan with Black Book Finance to consolidate debt and raise funds for the purchase of a property in Southsea, Portsmouth.

The 68% LTV facility — agreed on a 12-month term — allowed the borrower to refinance their existing first-charge loans, secured against one serviced accommodation and two BTL properties.

The remaining funds were used to purchase a three-storey property, which contains eight apartments.

The borrower intends to undertake light decorative work to bring the mix of studio and one- and two-bedroom flats to a high quality in preparation for tenancy. 

The client will exit the loan via refinance of the entire portfolio.

The case was fairly complex, due to the speed of funding required to secure the purchase, the varied nature of the residential properties, the numerous lenders requiring refinance and the legal intricacies that needed to be ironed out.

Despite the challenges, Funding 365 was able to work together with Black Book Finance and Excello Law to complete the deal within the client’s timeframe.

Jon Brooks, senior credit officer at Funding 365, said: “Given the challenges and complexities of this case, the fact that we were able to refinance the borrower’s current debt and also provide funds for a new purchase is a testament to the flexibility of our residential bridging product. 

“Credit to the Black Book Finance team and all the solicitors for their support at every step.”

Michael Clapper, CEO at Black Book Finance (pictured above), added: “This was a complex requirement, but the team at Funding 365 has my gratitude for stepping up to structure a facility to provide the best possible client outcome. 

“Success for these types of transactions are always reliant on teamwork and communication between lender, broker and solicitor, and this case proved the point once again!”

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