The state of emergency is not stopping Fiduciam from lending in Spain.We are standing behind all Spanish entrepreneurs and SMEs in this difficult time, and have completed two loans this week totaling almost €2,5M. Both deals were halted as a result of the coronavirus crisis and had complex aspects that traditional banks could not overcome which Fiduciam was able to, even during the lockdown.
Thanks to our institutionally backed financing model and the commitment of our funding partners, we are able to keep helping small businesses and entrepreneurs in these difficult times. While many short-term lenders closed their doors, we have lent £9 million in the last week and are on target to close another £10 million of loans by the end of April.
The expansion of Fiduciam in Ireland continues at a good pace; it aims to lend €50 million in Ireland this year, it will be opening a Belfast office and has just hired another Irish case manager.
As another demonstration of the solution potential which bridging loans offer, Fiduciam has financed a complex cross-border loan with a transaction value of €10m in the student accommodation sector, involving the acquisition of two Luxembourg companies each owning a large German student home.
Fiduciam offered an innovate solution allowing the client to settle an unexpected HMRC demand rapidly. It involved the refinancing of a portfolio of seven properties from which the client operates his trading businesses. The transaction required close cooperation with accountants and tax advisors.
