Bridging Funding completes £5.5m loan in under 10 days
By Tom BelgerBridging Funding has secured a £5.5m loan for an established property investment company in under 10 days
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The bridging provider came to the company’s aid after it was let down by another lender.
The company was in the final stages of agreeing a lease with a major hotel operator before the previous lender pulled out of the deal.
However, Bridging Funding was able to secure the loan against a London office block which has planning permission for a hotel conversion.
The value of the site has a gross development value of around £25m.
Speaking about the deal, Harry Anderson of Bridging Funding added: “The deal was extremely complicated and the team pulled out all the stops to make it happen within the desired time frame.”
Keywords: Bridging Funding, Hersh Patel, property finance, bridging finance, property investment company, hotel conversion, hotel finance, secured finance, commercial finance