A major milestone: 75% of Fiduciam’s coronavirus loans have been repaid, with no defaults. Therefore Fiduciam has not called on the government guarantee to date but has been paying a considerable premium for it, a win-win for all.
Fiduciam provides £25 million committed property portfolio acquisition facility
The facility supports the investor’s property acquisition plans for the first half of 2023 and beyond, which involves the creation of a large new cross border portfolio.
Development finance for conversion of a commercial waterfront property into studios
Fiduciam granted a repeat borrower a £4.3 million conversion facility at 70% loan-to-value to transform the seven-storey Britannia Warehouse in Gloucester from office into an apartment building. The development budget, is fully funded by the facility. Works will be monitored by one of Fiduciam’s trusted project monitors, with development costs being paid through monthly loan drawdowns. The development finance facility benefits from generous contingency and completion deadline terms to provide sufficient flexibility to manage the repercussions of the global supply chain crisis. Once the conversion is completed the property will comprise 38 apartments, further enhancing the appeal of Gloucester’s historic docks.
Flexible development finance solution for custom-build homes
Fiduciam provided a £3.2m development finance facility for a custom-build homes scheme in south London. The challenge was to provide the developer with a flexible funding solution that could accommodate the variety of end products potential purchasers might desire. A structure was agreed that enabled the client to pull down funding as required, covering all options from shell sale to fully fitting out the houses. This fit-for-purpose funding offered the developer the flexibility to find the most profitable sale options. The borrower’s testimonial: “Fiduciam worked closely with us to provide a flexible funding solution that not only let us manage the development in the way that we felt was important, but also in the way that our homebuyers wanted.”
Complex ground-up development loan in Manchester
Fiduciam granted a £5m loan for the ground up development of 38 flats in Manchester. The development loan was structured to overcome the challenges posed by the complex property title and overage agreement, and to reduce the likelihood of cashflow squeezes during the project. The borrower’s testimonial: “There were elements to this site which had initially complicated obtaining development finance, also owing to the rigidity of the large banks. Then Covid came along, disrupting supply chains. Fiduciam worked closely with us to put in place a facility that alleviated cashflow pressures exacerbated by the pandemic. Fiduciam went out of their way to overcome the complications and find solutions.” |