KSEYE and broker firm LDN Finance have completed a £4.2 million residential bridging loan for the purchase of 10 flats within a newly developed area in Canary Wharf.
The loan was for 10 flats, ranging from studio to one-bed apartments at between 70% and 90% LTV, based on purchase price.
The client was looking for a 12-month term in order to sell 25% of the units and retain the rest, with an exit onto a buy-to-let mortgage.
An efficient completion was necessary to secure the below market value purchase price that the borrower had successfully negotiated.
Chris Oatway from LDN Finance said: “It was great working with KSEYE and fantastic to get there after everyone’s hard group effort. Emmanuel Jatto and Lizzy Read O’Connor were particularly brilliant in helping to get this over the line. There will certainly be easier deals in the future but there is a degree of satisfaction on this one to get it done.”
Marcus Dussard (pictured), sales and marketing director at KSEYEm added: “Our ability to help this borrower secure these properties demonstrates KSEYE’s committed approach to successfully getting deals across the line. Partnerships like the one we have we have with LDN make deals like this one possible.
“There were lots of moving parts, but it was a pleasure to work together with Chris and LDN to make it happen. We can’t wait to get the next one over the line.
“At KSEYE we have some really exciting growth plans and after a very solid start to 2024, watch this space for updates to our proposition in the coming weeks.”
