Bridging finance provider Funding 365 has recently completed a £6.2 million commercial loan within just three business days of receipt of the application.
The loan is secured on a Thames-side building with the potential to be developed into a 20 storey residential development.
Funding 365 stepped in due to the last minute withdrawal of a well-known bridging lender who, despite having conducted six months of diligence, could not raise the funds to complete the loan.
The loan completion was time critical in nature given that the property was in receivership with an auction sale due to be completed within three business days.
Funding 365 transferred the loan proceeds to the solicitors within one day of agreeing terms with the borrower. The loan successfully completed, allowing the borrower to remove the property from receivership and providing them with the requisite time to complete the development project.
Funding 365 Director, Michael Strange comments: “We are very pleased to be able to help a client retain ownership of their property and fulfill their vision of constructing a desirable residential building beside the Thames. Whilst we are typically renowned for the speed at which we execute loans, this transaction raised the bar to a new level”.
Funding 365 Ltd was set up in May 2013 by structured finance experts Michael Strange, Jeff Stolz and Mike Jinn.
The lender’s portfolio of bridging loans is secured against a span of residential, buy-to-let, commercial and development properties across England and Wales.
The lender’s portfolio of bridging loans is secured against a span of residential, buy-to-let, commercial and development properties across England and Wales.
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