Fiduciam has completed a £9m development loan for student accommodation in northern England.
The firm completed the deal in six working days.
The loan involved a 500-bed student accommodation in northern England with a substantial development component. Full due diligence was completed, including obtaining a new valuation, monitoring surveyors report, and full legal due diligence on the property.
Ryan Parrett, Fiduciam’s business development manager, who originated the loan, said: “The six-day turnaround we achieved on this £9m development loan transaction, is an excellent example of Fiduciam’s ability to put sufficient resource into getting deals done in the timescale required by the borrower.
“Our team consisted of four people, all working on various aspects of the transaction. We co-ordinated working well with the broker, the borrower’s solicitor, our valuer and the quantity surveyor to ensure that everything came together on time. It was a tight timescale, so it was brilliant to see it all come together so well.”
Clint White, head of property lending at Fiduciam added: “I am so pleased with how Ryan and the team pulled together to get this transaction completed so quickly, particularly given it was a fairly complex deal. Fiduciam has gone from strength to strength recently and this demonstrates that we have the capacity and capability to do large deals within tight timeframes.
“We are looking forward to continuing to grow the business over the remainder of 2019.”