Whilst we look forward to 2022 filled with the promise of the return to normalcy the year 2021 came with its challenges, even for Santa: elf-labour shortages due to COVID-19, then followed by the global supply chains crisis. Fortunately we were able to assist with a working capital loan. It required a visit to the North Pole in freezing temperatures, a pledge over reindeer and sleighs, and AML onboarding with a long out-of-date passport and no proof of source of funds. We wish all our clients a happy and prosperous 2022!
As an accredited lender, we are keen to assist SMEs recover from the Covid-19 pandemic with business bridge, refurbishment and development loans between ÂŁ250,000 and ÂŁ10 million. Fiduciam can offer facilities to new and existing customers with terms of up to three years.
Fiduciam continues to support small house builders across the United Kingdom with development funding. The latest project to approach completion is a seven-house development in Taplow.
Fiduciam provided a flexible multi-drawdown facility that enabled the borrower to repay early if sales were strong while providing the security of a longer-term loan. The interest rate is a competitive 0.74% per month. Interest was retained for the initial part of the 24-month term.
The scheme has been well received by the market and multiple units are already under offer. Since Fiduciam and the borrower agreed to release amounts in advance, the borrower benefits from the certainty of knowing the proportion of sales proceeds that will be retained by Fiduciam and how much will be available for financing their next projects. Fiduciam expects the first sales to complete within the next two months.
Louisa Willoughby, Case Manager at Fiduciam, comments: “Over the last year, Fiduciam has expanded its product offering targeted at small housebuilders. We have funded a variety of ground up projects for experienced developers across the United Kingdom, typically between 3 and 12 units. The Taplow project benefits from an excellent location and easy access to Crossrail. Its appeal to young families and commuters is confirmed by the sales already under way.”
Marc Morris, Underwriter at Fiduciam, adds: “We are keen to develop close long-term relationships with borrowers such as the developer of the Taplow project. While new technological tools and platforms enhance our ability to gather and interpret information, and enable us to mitigate credit risk, they are no replacement for previous collaboration. From the borrower’s perspective, our knowledge of their business allows us to offer better terms that are more tailored to their requirements. For example, we often seek to help repeat borrowers transfer equity from one project to the next and thus accelerate the project cycle. We are also happy to discuss projects at an early stage, and to provide visibility on financing options.”
Manage Cookie Consent
I understand Fiduciam does not provide consumer credit or regulated mortgages. When using this website, the Website Terms of Use, Disclaimer, Cookie Policy and Privacy Policy apply. I allow cookies to be installed to enhance navigation, distinguish users and analyse site usage. I am aware I can modify my non-essential cookie settings at any time by clicking on “Cookie Settings” at the bottom of this page. When entering the website I agree to all aforementioned terms.
Strictly necessary cookies
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Analytical and performance cookies
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Personalisation cookies
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
