KSEYE has completed a £14.25m development exit loan at 75% LTV.
The loan, introduced by Mantra Commercial, was a development exit secured against a recently completed scheme that converted a commercial property to 45 residential units in North London. The development required some minor finishing works before being eligible for a buy to let term mortgage.
The client required a six-month loan to complete the minor works and arrange longer-term finance.
The deal takes the bridging lender’s cumulative lending to nearly £800m.
Nikes Khagram (pictured), director at KSEYE, said: “Completing a loan of this size demonstrates KSEYE’s ability to work with a broker to meet their client’s funding needs, for anything from a standard bridging auction purchase through to deals that require speed, to the large and complex. Despite the challenging market we still face, KSEYE continues to remain flexible and pragmatic when required. We’re a highly capitalised business and we love getting deals over the line with great partners such as Mantra Commercial.”
Marcus Dussard, sales & marketing director at KSEYE, added: “It is always a pleasure to work with the team at Mantra Commercial. Special recognition goes to the dedicated KSEYE staff involved in this transaction, particularly our BDM, Charles Creak, and the underwriter of the case – Lizzy Read O’Connor. They both deserve high praise for their efforts.
“Our efficient processes, certainty of funding, and deep understanding of large loans make the experience for brokers much more straightforward compared to other lenders. We actively encourage brokers to bring us deals over £5m, where they can benefit from our day-one approvals with no changes to our decision unless there are material changes to the deal.”
Nimesh Sanghrajka, group managing director of Mantra Commercial, said: “Our relationship with KSEYE meant that they were top of the list to help our client. Getting a deal like this done in around 6 weeks is a testament to their flexibility and willingness to go above and beyond when needed.”
