Fiduciam provided a prominent UK real estate investor with a £5m acquisition loan to complete a complex transaction involving the purchase of 32 residential apartments and the simultaneous sale of a six-unit development plot contained within the title. Individual leaseholds were granted by the vendor before transferring the freehold title. While the borrower was able to secure buy-to-let mortgages on seven leasehold units, they required Fiduciam’s assistance to complete the acquisition of the 25 other units within the mandated timescale. The bridging loan was underwritten on the basis of 70% of the breakup value, 85% of block value and 85% of acquisition cost. The facility allowed for the refurbishment of the flats during the term.
