Specialist debt advisor Arc & Co. has arranged a new £5m million bridging loan from West One to refinance a development opportunity in Tunbridge Wells. The scheme comprises of several residential properties and a vacant grade 2 listed building with potential for development into an assisted living unit.
The facility – taken out for a one-year term - refinances an existing bridge loan and will enable the borrower to market the residential units and the development opportunity after gathering planning.
Tom Berry, asset finance advisor at Arc & Co., said: “As ever, we are pleased to be able to support developers in bringing forward quality opportunities. This new facility – arranged with the ever responsive team at West One – will provide vital short-term working capital and a smooth exit for our client.”
Michael Grant, head of sales – bridging and development finance at West One, added: Working with Tom is very easy, you know what you are getting, key salient points to ensure a smooth process from start to finish, always responsive and pragmatic in his approach to ensure myself and Greg (Senior Underwriter) new exactly where we stood throughout the transaction. Most importantly the customer being front and centre all the way to a successful completion. We look forward to further business from Tom and the wider team at Arc & Co.
The Arc & Co. Group is a specialist asset finance advisory company based in St James’s, London. Its three divisions – real estate, marine and aviation – allow it to provide specialist advice across a range of financing solutions, including senior debt, equity, leasing and mortgages.