Wellesley tailored the 18-month loan for the client by forecasting repayments during the term to reduce interest roll-up.
The firm also allowed the partial release of sales proceeds as the LTV reduces with immediate credit engagement.
Graham Wellesley, chief executive at Wellesley Finance, said: “Since the Brexit vote, property developers and their introducers have been facing an uncertain finance market, with lenders taking a more cautious approach to property finance.
“However, Wellesley Finance continues to support the sector with a number of major development and bridging loans closing over the summer.”
Sebastiano Carrelli, senior lending manager at Wellesley Finance, added: “Right from the start our clients presented themselves as highly knowledgeable and credible individuals, who demonstrated their intimate knowledge of the micro-markets they operate in.
“We spent the time to understand their business and by listening to their needs we were able to structure a flexible finance solution that we believe is the first of many in this burgeoning relationship.”
The client was introduced to Wellesley by Chris Fairfax, managing director of master broker Positive Lending and a key strategic partner of Wellesley Finance.
Chris explained that Positive approached Wellesley due to their experience at structuring large bridging loans.
“I have nothing but praise for the Wellesley team – at all times they have been responsive, efficient and a pleasure to work with.”
In June, Wellesley Finance announced the launch of its first website, having previously operated under sister company Wellesley & Co.
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