Working around the clock with all parties, our team managed to deliver a solution the day before the deadline, saving the borrower from paying an additional month of interest on their prior borrowing. We provided a 75% LTV at a rate of 0.69%, with a 9 month loan term. This ensured a healthy profit margin for the client and ample time to sell every unit.
The client, in danger of exceeding their current loan term, required urgent refinancing for 50 newly-converted apartments in Peterborough, England. The flats, which had served as an office block prior to the development project, are located in the heart of Peterborough. Despite the prime location of the assets, this was a particularly challenging brief given the multiple development funding lines that needed refinancing and the serious time constraints at play.
Peterborough is going through an exciting period of regeneration and we’re pleased to have had the opportunity to contribute to its growth. Completing a complex loan like this is incredibly satisfying. Credit to the borrower, Pilot Fish Finance and all of the solicitors for their parts in helping to ensure that it completed so smoothly.
Funding 365 worked in collaboration with us and our client to deliver this complex deal. We were impressed by their pragmatic and flexible approach to dealing with legal issues as and when they arose and we were delighted to get this deal over the line on time, with their support.