Mortimer Street Capital has completed a £4.1m development exit bridging facility for a client who had recently built a 22-unit scheme in a gated development in Surrey.
The client wished to refinance the existing development finance facility following the scheme reaching practical completion with new build warranties in place. They wanted to reduce their rate of interest, as well as secure an extra 12 months to sell the eight flats and 14 houses.
Mortimer Street Capital arranged the new facility with Funding 365 at an LTV of 64% with an interest rate of 0.77% per month.
Hiten Ganatra (pictured), managing director at Mortimer Street Capital, said: “Our ability to help this client refinance and give them more time to sell their units is a testament to the Mortimer Street Capital team and is a fantastic deal for the business to complete so soon after its launch earlier in the year.
“We must also thank Funding 365 for pulling out all the stops to fund this deal and we look forward to helping many more clients with their funding needs.”
Jon Brooks, senior credit officer at Funding 365, added: “The team at Mortimer Street Capital were a pleasure to work with – professional, thorough and responsive – which enabled us to do what we do best, delivering our highly competitive interest rates to a deadline. We look forward to working with them again.”
