Access Financial Services has arranged a £1.68m development exit bridging loan at 75% LTV, marking an early milestone for the brokerage’s specialist finance division.
The mortgage and protection brokerage said the 12-month facility, priced at 0.78%, was put in place for an experienced SME developer whose existing development finance term was coming to an end.
The loan was secured against a semi-commercial property in central London overlooking the Palace of Westminster and Houses of Parliament.
The asset had previously comprised a shop with residential space above, but was redeveloped over an 18-month period into a restaurant on the ground floor, two apartments on the first floor and an additional storey created in the air space.
Access FS said the property is now being marketed for sale, with the bridging facility providing a development exit route while the borrower works towards disposal.
Nick Jones (pictured), the mortgage sales and marketing director at Access FS, says: “The new specialist finance team has really hit the ground running, completing this so soon after launch – having already written a number of second charge loans.
“Tom Wall is a very experienced broker and is helping to drive the division forward; mighty oaks from little acorns grow.
“We were already pleased with the early successes of the nascent team; this deal was the icing on the cake.
“This is a testament to the success of our move into specialist lending. I hope, over time, that we can transform our position in the specialist lending market and that the team can support the accelerated the growth of the whole brokerage.”
Access FS launched its specialist finance division in the fourth quarter of last year, and said this latest completion underlines its ambitions in the sector.
Access FS broker Tom Wall adds: “This is a big development exit bridge and demonstrates our ability to deliver fast, tailored solutions in complex scenarios.
“The borrower needed seamless funding to refinance his maturing development facility on this prime central London semi-commercial property – overlooking the Houses of Parliament no less.
“With the property now on the market, this facility provides the flexibility and speed required to support a smooth exit.
“It’s a great example of what we can do in the specialist space, of our processing, and how much can be achieved with an engaged client and an engaged lender.”
