Arc & Co. are pleased to announce the completion of a refinance loan totalling £1.5 million for 3,500 sq. ft of vacant office space in Spitalfields, London. Tom Berry from Arc & Co. lead on this deal.
The client, who recently redeveloped the ground floor commercial office space, was looking to refinance his development facility at the end of its term. Our brief from the client was to find a bridging option that would base the leverage on the open market value (OMV) of the property whilst still being vacant. A short term bridging loan of 9 months was requested based on estimatiations to sell the property.
Arc & Co. arranged a development exit bridge loan at 70% Loan-to-Value (LTV) and at an interest rate of 0.75% with a full interest roll-up on a 9 month term.
Tom Berry – Asset Finance Advisor at Arc & Co. commented: “It was a pleasure to work with the client to find a lending solution in a short space of time and help revise the asset strategy. We are finding that an increasing number of our clients are benefitting from short-term bridging loans as they provide flexibility and speed.”
Colin Stevens – Head of Bridging Finance at PCF Bank Limited added: “Tom, thank you for your help in getting this deal over the line. Your help with funding this project and ability to manage the various moving parts was very helpful. I hope we are able to do many more deals together going forward.”