Arc & Co

Arc & Co arranges exit bridge to support conversions of 200-year-old barns

Arc & Co was recently approached by a property developer to arrange an exit bridge loan following the restoration and conversion of two 200-year-old barns in Cumbria.

David South of Hamilton South Limited contacted the brokerage looking for advice and assistance on arranging bridging finance against three stone barns.

Two of them had been carefully renovated into large family homes, with work yet to start on the third.

The borrower’s original development facility was near the end of its term and needed to be refinanced on an exit bridge to allow the client a proper sales period to market the properties.

The deal faced a number of challenges with the age of the barns, the rural location and the short turnaround period putting off many lenders.

Sam Le Pard, an asset finance adviser from the structured finance team at Arc & Co, worked closely with David and Jon Salisbury, managing director at Ortus Secured Finance, to arrange a £700,000 bridging loan.

Arc & Co was able to use its knowledge of the finance market to match David's unique project with Ortus' flexible lending approach to ensure the required funding was obtained.

David was pleased with the service from Arc & Co and has now asked it to structure the finance for phase two of his development.

The properties are currently being marketed by national agent Fine & Country.

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