It was issued at 69% LTV for a six-month term and was credit approved within 24 hours of full application.
Excluding the Christmas period, the loan was completed within approximately 14 working days and brokered by Ram Kakar, commercial finance manager at Knox Capital Solutions.
Cynergy Bank — which worked alongside legal partners Fieldfisher for this deal — provided the loan as a re-bridge for the existing lender, which gave the client time to source development finance after the previously agreed funding fell through.
The security was an office block with permitted development rights to be converted into 102 apartments.
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“This deal is a significant milestone on our journey and to complete a transaction of this size, within the first six months [of] launching, is a testament to the product we have created and the relationships we are building with our introducers,” said Mark Dearman, director of commercial banking and bridging finance at Cynergy Bank (pictured above).
“It shows that with a strong offering and understanding of customers’ and introducers’ needs that we can challenge the established lenders in this saturated market.”
Dan Narwal, bridging finance relationship manager at Cynergy Bank, added: “Bridging finance is a key product for Cynergy Bank and improves the bank’s range of products.
“We are able to [offer] our customers and introducers a fully relationship-managed lifecycle journey — from acquisition to development and long-term finance.”