PIVOT COMPLETES £840K COMMERCIAL BRIDGE ON MIDLANDS OFFICE BLOCK
Development lender Pivot has recently completed an £840,000 first charge loan enabling its clients, through a newly formed SPV, to meet a tight completion deadline.
With prior approval for change of use to residential already achieved, the experienced borrowers had less than three weeks to secure the funding they needed to acquire the four-storey office building in West Bromwich.
An early meeting between the intermediary and the clients enabled Pivot to gain a full understanding of the borrowers’ plans, their complex capital structure, and the importance of the loan in both securing the property and enabling the clients to apply for enhanced planning.
A first charge loan of £840,000 was secured against the office block at 60% LTV on a rate of 0.89% PM over a term of 12 months.
A full valuation was obtained within eight days of the original approach and by working closely with the borrowers, intermediary and professional partners Pivot were able to complete the loan in just over two weeks ensuring funds were in place in advance of the scheduled completion. Exit will take the form of development finance.
Alex Kyriacou, managing director at Funding Advisory Limited, said: “There are very few lenders that understand brokers and the often-complex needs of their clients quite like Pivot. This was a case that had its quirks, but the team made sure they understood these early on enabling a smooth and fast completion. Great work again from Vish, Claudia and all of the team.”
Vishal Dixit, head of business development at Pivot, added: “The case certainly had its complexities – quirky asset, planning play, complex borrowing structure and a quick turnaround was needed. Effective communication from the outset was key to getting this completion across the line in a timely and efficient manner. It was a pleasure to work with Alex again.”