Funding 365 and Adapt Finance complete £2.7m development exit bridge in three days
Funding 365 and Adapt Finance have completed a bridging loan in three working days, to enable the rapid refinance of a recently converted office to a residential block in Slough.
The borrower required a new loan so quickly because their multi-million pound development facility was coming to an end, but their existing lender was unable to offer an extension to allow for sales or refinancing.
The security is a residential block of flats where 50% of the units had been sold with some already tenanted. As timing was critical, one of the Funding 365 directors attended a site visit within 24 hours of the legal undertaking to ensure smooth progression of the loan.
Calum Waite (pictured), Funding 365 senior underwriter, said: “I’m pleased to have played my part in helping a client’s project with another multi-million-pound three-day completion.
“Brokers have total trust in our ability to meet deadlines and know that we are committed to a deal from the moment of instruction. Credit to Adapt Finance and both sets of lawyers for their tireless work making sure this case completed in time.”
Stephen Burns, part of the Adapt Finance team, added: “When Funding 365 said they’d complete this case in 3 days, as much as I wanted to believe them, I thought it would be tough.
“Add to that, the security changing more than half a dozen times, it got done and with time to spare. Outstanding in all aspects.”
With sales looking steady and given the urgency of the deal, Funding 365 completed the loan prior to receipt of a valuation report at a projected 75% gross LTV.