Allica Bank has completed a £5.85 million bridging facility to help fund the purchase of a prime London asset.
The facility, introduced by Arc & Co, was secured against an office building in Marylebone with planning consent for six luxury apartments.
The borrower needed to complete within 18 days after being let down last minute by another lender. Allica delivered the six-month term within the timeframe.
Meanwhile, Allica reported a record April for lending and new introductions.
Steve Palfreeman, business development director – bridging at Allica Bank, said: “This deal is short term bridging finance at its best. Getting this executed in such a tight timeframe required a real team effort from all parts of the bank, in particular, Jade Lidiard who was the underwriter on this case.”
Cameron Hayes, broker at Arc & Co, added: “It’s great to get this one funded with Allica. Arc & Co were keen to rely on a party that can deliver, and as execution is key in the current market, we’re pleased to get another deal across the line with Steve, Jade and the team.”
