Affordable housing schemes frequently include buyer income and sales price restrictions. Fiduciam overcame these constraints to provide the developer with the funds.
ding in the UK and Ireland in 2022. Reduced interest rates start at 0.57% PCM for heavy refurb and conversion projects and 0.61% for ground-up developments.
The new interest rates and LTV parameters were finalised after extensive competitor analysis with the objective of offering best in class products.
Fiduciam provided a bridging loan to a successful British entrepreneur who has been developing luxury property in Mallorca for over two decades. The bridging loan allowed him to extract equity out of a newly completed project whilst marketing the property to potential purchasers. The loan proceeds allow the British developer to finance three ongoing projects in Mallorca: the construction of a hotel and seven adjoining luxury villas, the construction of several rural cottages and the development of a further four detached houses. Although the developer has access to development finance from Spanish banks, they were unable to offer as favourable terms and as quickly as Fiduciam.
Fiduciam provided working capital to a Luxembourg-owned vineyard in France. The vineyard produces a biodynamic wine, which is also available in the UK. The three-year commercial mortgage was structured as a multi-drawdown facility of €3m with an initial drawdown of €750,000. Fiduciam took a charge over the vineyard, but in addition it also took security over 77,422 bottles of wine and 2,631 hectolitres of wine in barrels. The loan was taken out by a Luxembourg company, principally owned by a high net worth individual from the United States. Fiduciam stood out as international lender, dealing with five jurisdictions: the borrower in Luxembourg, the vineyard in France, the guarantor in the US, a pledgor from Australia, and Fiduciam based in the UK.
