Introduced by LEXI Finance, the 12-month loan provided at a fixed rate of 0.67% per month will enable the borrower to exit their development facility and complete the sale of multiple units.
Additional funds have also been built into the loan to facilitate a shareholder buyout.
The loan is under Funding 365’s unregulated residential bridging product.
Calum Waite, head of underwriting at Funding 365 (pictured above), commented: “This is a great example of our development exit loans which span the length and breadth of England, Wales and Northern Ireland, from the Isle of Wight to the Causeway Coast and from Anglesey to East Anglia.
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“We always enjoy working alongside LEXI Finance as their team’s understanding of their clients’ needs and their proactive approach ensure a smooth process, no matter how complex the requirements.”
Charlie Armstrong, director at LEXI Finance, added: "It was a real pleasure working with Calum and Allegra [Sykes, head of relationship management at Funding 365] on this transaction.
“Their transparency through due diligence gave us and the client real confidence that we would successfully get to the finish line.
“We are very grateful for this collegiate approach and look forward to doing more business together very soon.”
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