The 15-month term facility provided the borrower with £1.3m day-one to refinance their existing debt, while the remaining £1.85m will be used to cover 100% of the costs of the conversion works, which will also include a new basement and two-storey extension.
Given the complex nature of the works, the Funding 365 underwriter assigned to the case met with the developer on site to discuss all aspects of the project.
A last minute 50% increase in build costs required a speedy loan restructuring — despite this, the lender was able to work together with all parties to deliver the funding solution.
The deal was introduced to Funding 365 by Daniel Sovitch, co-founder and director at Life Financial Solutions.
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Nikhil Shah, senior underwriter at Funding 365 (pictured above), said: “This case illustrates the flexibility of our light development loan product — it’s designed to support a range of projects, from internal refurbishments to heavy property extensions, PDR conversions and finish & exits.
“What’s more, our unique way of working makes us agile in managing unexpected, last-minute issues that would cause other lenders to terminate the loan.”
Nikhil also thanked Daniel for his expertise and work on completing the loan on time for the borrower.
Daniel added: “Funding 365 was a perfect fit for my client — the complexity of the deal required a commercially minded lender that would help us tailor the product to best fit my client’s needs, and deliver the finance at the speed and efficiency required.
“Nikhil and the management team at Funding 365 were extremely proactive and, as always, never let me down.”
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