The long-term objective for the borrower was to secure planning permission to convert the offices into apartments, but with negotiations with planners taking longer than expected, the original bridging loan was close to expiry.
The £3m facility from Ortus also enabled the borrower to take out £400,000 of equity for use in another development.
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“As we won’t take planning risk, we asked our surveyor to value the site ‘as is’ and took comfort from the income still coming in from the existing leases,” said Richard King, BDM at Ortus (pictured above).
“We are keen to support deals of this nature, and in this instance delivered pricing of 8.99% p.a. (0.75% pcm).”
The deal was originated by Chris Whitney of Enness Private Clients.
“At the outset we were presented with a comprehensive submission which enabled us to reach a quick decision,” said Richard.
“Chris also stayed involved all the way through the process to ensure a swift completion.”
Chris added: “This was a complex case with specific deadlines that had to be met in order for the client to avoid substantial financial penalties.
“I was very pleased with the service Ortus provided.
“The team [was] responsive, pragmatic and always made [itself] available to handle matters as they arose.
“The client was delighted with the outcome and very keen to work with Ortus on other projects.”