Funding 365 and LDN Finance have recently finalized a substantial deal involving a £5.9 million bridging loan at a 70% loan-to-value (LTV) with a fixed, flat rate of 0.84% per month. This loan was secured against a block of 27 apartments located in Leeds.
The 12-month development exit loan is intended to provide the borrower with the necessary support to exit their development funding and proceed with the sale of multiple units. Additionally, additional funds were allocated within the facility to support the future projects of the experienced developer.
Krisha Karunananthan, senior underwriter at Funding 365, emphasized that the successful execution of large development exit schemes heavily depends on the ability of brokers to skillfully package the deal and navigate through obstacles to provide the most tailored solution for the borrower. In this instance, Chris and Amy from LDN Finance demonstrated exceptional communication and cooperation in aligning the various components of the deal to meet the client’s deadline. The collaborative effort of knowledgeable and proactive brokers significantly contributed to the successful outcome.
Similarly, LDN Finance director Chris Oatway praised the seamless process facilitated by the Funding 365 team. He commended their speed, efficiency and exceptional communication throughout the entire duration of the deal. The underwriting team was praised for their regular updates, proactive approach, and unwavering support, working diligently to ensure the deal was finalized in a timely manner.
Furthermore, LDN Finance was particularly pleased with the market-leading rate offered by Funding 365, expressing satisfaction in securing a happy client in the process. Oatway also expressed his delight in working with Funding 365, having completed four deals within a month, all of which were smoothly closed without major challenges.
The successful collaboration between Funding 365 and LDN Finance on this significant bridging loan deal reflects the strength of their partnership and their ability to navigate complex transactions in the property finance industry.
In conclusion, the effective synergy between the two entities has not only resulted in a successful transaction but has also paved the way for future cooperation. This achievement underscores the dynamism and agility of the property finance market, demonstrating how skilled professionals can surmount challenges to deliver positive outcomes for all parties involved.