In just 6 weeks Fiduciam has provided £7.5 million in funding for the refurbishment and reopening of a hotel in Cornwall. Despite facing a highly complex planning and title situation, we have completed the transaction quickly so that the hotel could accommodate the G7 police forces.
Once more, Fiduciam has overcome a problem that many developers face with traditional bank financing. This loan enabled the developer to settle both the main contractor account and redeem a Spanish bank loan in full.
Now planning permission has been granted for a manufacturing plant in Ebbw Vale in South Wales, Fiduciam has provided TVR with a further £2 million loan. The first cars are expected to be delivered in 2022.
Fiduciam has received £430 million of requests for Coronavirus Business Interruption Loan Scheme (CBILS) loans by the 15th of October and expects to receive at least another £200 million of requests until the 30th of November. As a result, Fiduciam has reallocated a substantial amount of our resources to handle the CBILS application volumes.
Fiduciam tops off its expansion in Northern Ireland with a CBILS loan to a wedding and conference venue. Fiduciam now has a loan pipeline approaching £20 million for CBILS loans from Northern Irish businesses and is looking forward to opening its Belfast office as soon as Covid subsides.