Edward Horn-Smith has completed a £16.2m bridging loan for a newly completed block of apartments in Ealing.
The original development loan was structured with senior and mezzanine loans, which Arc & Co. were able to restructure and simplify with a 80% LTV bridge.
The £16.2m bridging loan was provided by Brydg Capital and will allow the developer to finish the build after unforeseen delays as well as providing an extended sales period. The loan was provided at a rate of 7.25% pa.
Edward Horn-Smith, Managing Director at Arc & Co. says, “It was important to provide the borrower with a new facility that enabled them to finish the build and allow time to sell the properties at a rate that wouldn’t dramatically erode the developer's profits.”
Aysan Pamir Ozel, Head of Business Development at Brydg Capital added, “Brydg always strives to support developers in preserving profit through a constantly evolving economic climate. We continue to work closely with sophisticated debt advisors like Arc & Co. in this pursuit and are continuously impressed by Ed’s ability to present well structured transactions.”