The specialist lender was introduced to the client by Niche Financial Solutions after the borrower had completed a block of flats and needed to refinance development funding pending the sale of the units.
Another lender had been working on the deal, but decided not to proceed, leaving Ortus with three days before the completion deadline.
The funding was required urgently as the client would have incurred significant costs had the deadline been missed.
Ortus took a first charge over the flats, along with two residential second charges, to shore up the security position.
The lender then agreed to use the existing valuation and instructed its lawyers Howard Kennedy to commence work immediately.
Insurances were taken in lieu of several searches and the various components to the deal were run concurrently.
- Ex-Oblix manager joins Ortus
- Ortus teams up with Arc & Co on £1.8m car park acquisition loan
- Aspen funds developer exit bridge at 80% LTV
This meant Ortus could provide the client with a £4m loan at 65% LTV for a 12-month term.
“This loan went particularly smoothly thanks to the hard work and professionalism of the introducer, who gave us accurate information and managed the client interaction really well,” said Jon Salisbury, managing director at Ortus (pictured above).
“There was also an outstanding performance by our lawyers at Howard Kennedy.
“Our lending team worked some very long hours and that is what introducers and clients have a right to expect.”
Malcolm Scanlon at Niche Financial Solutions added: “Our client was up against a tight deadline and needed certainty that completion would take place on time.
“Ortus had the decision makers on hand, which made a big difference and they had a real determination to deliver, which was refreshing to see.
“The client’s solicitor Ellis Jones was also instrumental in getting the deal across the line.”