“SKDA has a pragmatic approach to bridging; 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.”
– Annabel Crawshaw, director of operations at Credicus
To complete works on their latest project, broker Credicus required £1.3mn to clear an existing high-interest rate facility alongside an additional £200k.
Credicus approached SKDA requesting a quick turnaround to release cash flow and cover the period before the new full-term loan was available. Knowing the exit bank in question, the bridging lender chose a surveying firm on both lenders’ panels, which proceeded to visit all 18 residential or commercial properties in Barnsley, South Yorkshire.
With a portfolio value of £2.2mn, the deal was completed at 68% LTV on a flat rate of 1.05% over a 12-month term – with three months retained interest.
Given that the portfolio was held in two separate companies and personal names, third-party legal charges were taken along with Debenture and PG’s.
“SKDA has a pragmatic approach to bridging; 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,” said Annabel Crawshaw, director of operations at Credicus.
Kunal Mehta, managing director at SDKA (pictured), added: “I received the call from Annabel while on holiday, and I immediately had the team delve into the project to understand all its intricacies. Working with the exit lender from the off made eminent sense and, in the long run, puts the applicant in control.”
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