The client was looking to secure funding to refinance their existing debt — used to develop six three-storey office units — prior to their scheme achieving practical completion.
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Given the borrower’s proposed exit strategy and sector experience, the lender was able to provide the loan at 75% LTV, priced at 0.80% per month over a 12-month term, to meet the client’s requirements.
Mark Marlow, head of bridging business development at PCF Bank, said: “We are delighted that we were able to facilitate this deal within the timescale required by the borrower.
“We pride ourselves on offering borrowers quick decisions, which provide them with the certainty that they need to complete and invest in their projects.”
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