Tom Berry

Arc & Co arranges £1.5m development exit bridge for Spitalfields office space

Arc & Co has completed a refinance loan of £1.5m for a 3,500 sq ft vacant office space in Spitalfields, London.

A short-term bridging loan of nine months based on estimations to sell the property was requested by the client, who had already redeveloped the ground floor commercial office space.

A bridging option was required to base the leverage on the open market value of the property, while still vacant.

A development exit bridge loan at 70% LTV, with an interest rate of 0.75% and full interest roll-up was arranged.

Tom Berry, asset finance adviser at Arc & Co (pictured above), stated: “We are finding that an increasing number of our clients are benefitting from short-term bridging loans as they provide flexibility and speed.”

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