Bridging lender SDKA has completed a complex £1.5m transaction involving a portfolio of 18 tenanted properties in Barnsley, South Yorkshire, in cooperation with the borrower’s exit lender.
The deal was structured to help a developer refinance out of a high-interest facility while releasing additional funds to complete ongoing works.
Broker Credicus introduced the case, which required £1.3m to redeem the existing loan and a further £200,000 to support refurbishment activity ahead of a full-term loan becoming available.
SDKA selected a valuation firm that appeared on both its own and the exit lender’s panel, allowing for a coordinated approach to the in-person inspection of all 18 assets — 17 residential and one commercial — spread across two ownership structures.
The portfolio, valued at £2.2m, was secured at 68% loan-to-value on a 12-month term, with interest fixed at a flat rate of 1.05% per month and three months retained interest.
Due to the complexity of the ownership, which spanned two limited companies and personal names, SDKA took additional security in the form of third-party legal charges, a debenture and personal guarantees.
Kunal Mehta (pictured), managing director of SDKA, said the lender responded to the urgency of the request despite the timing. “I received the call from Annabel while on holiday, and I immediately had the team delve into the project to completely understand all its intricacies,” he said. “Working with the exit lender from the off made eminent sense, and in the long run puts the applicant in control.”
Annabel Crawshaw, director of operations at Credicus, praised the lender’s approach. “SDKA has a very pragmatic approach to bridging,” she said.
“Each application is approached with a customer-first mindset and a level of flexibility and foresight to ensure the borrower is in the best position from completion through to exit.”
SDKA lends across England, Wales and Scotland on residential, semi-commercial and commercial property, offering loans up to £10m with terms of up to 24 months. Rates start from 0.85% per calendar month, with a maximum LTV of 75%.
