The loan was provided to assist with the purchase of a commercial property within a vendor’s strict deadline after the original lender amended its loan terms.
Funding 365 offered the borrower a 72% loan to purchase price at a rate of 0.85% per month.
Security on the loan is a commercial unit occupied by a high street bank, which also has planning permission to allow it to be converted into residential units.
Due to time constraints, an off-panel valuation retype was accepted.
- Funding 365 relocates amid plans to grow team by 25%
- Funding 365 completes short-lease bridging loan in three days
- Roma provides £120,000 bridging loan to support BTL renovation
Paul Weitzkorn, director at Funding 365 (pictured above), said: “We are very pleased that we were able to help the borrower save his purchase under such time pressures.
“This is just another example of the fast, tailored service that our broker partners have come to appreciate from us.”
Clive Liddelow, partner at Alpha Property Finance, who introduced the deal, added: “The Funding 365 team and its solicitors performed admirably under extreme timing pressures to complete the deal on time and immediately understood the fundamentals and complexities of the deal.”
Leave a comment