LendInvest, a mortgage finance Fintech, has funded a £10 million bridge loan on an LTC of 90% for a South London development. The property is in Abbey Wood, within the London borough of Greenwich – 11 minutes away from Canary Wharf.
The company says it facilitated the financing in a tight time frame after the borrower hit COVID-19 driven financing delays. LendInvest is using this example of providing significant financing quickly to highlight its digital capabilities. LendInvest provided funding for the refinance of the original site and acquisition of a second adjoining site.
Justin Trowse, Director for Bridging at LendInvest, said the last few months have been a particularly challenging time LendInvest and their brokers as they have had to work with a greater degree of flexibility whilst performing complex transactions at speed in order to get borrower’s deals over the line.
“This deal was one that we were determined to deliver and complete in time so as not to disrupt the borrower’s project timeline. Thanks to the tireless efforts of Rickesh at Mantra, and the dedication of the team, we are delighted to announce the provision of quality funding for this project,” said Trowse.
Rickesh Patel, Partner at Mantra Capital – the broker on the deal, said:
“The global impact of Covid-19 is clear for everyone to see and it has presented unprecedented challenges to all business sectors. Strong relationships and collaboration between all parties is even more crucial than ever in order to execute transactions and keep business moving. Mantra Commercial, part of the Mantra Capital Group, were mandated to assist with the sourcing of funding for this scheme prior to the full impact of Covid-19 being understood in the UK. As the severity of the situation became more apparent, the initial lender who offered terms were no longer able to honour them. This was an acquisition which now had tight timescales to work towards for completion, with an increasingly limited market to operate within.”
Patel said their relationship with LendInvest was key to closing the deal.