Initially the 5-year buy-to-let mortgage is being offered to existing customers as a way of assessing demand. The term product can be taken either on a repayment or interest-only basis with rates dependent on LTV. Maximum loan size is £500,000 and maximum LTV is 75%.
This follows from the popularity of its online events last year. The programme starts on Thursday 25 April, with One Savings Bank talking about bridging exit solutions for developers.
Alan Dring and his wife Mel Dring are both directors of The Mad Approach. The business has just finished its consultancy role with Hope Capital and now has signed a six-month consultancy contract with Apex to support its growth plans.
The property had a market value of £6m, meaning the bridging deal was delivered at a loan-to-value of 75%. The borrower was a high net worth investor who purchased the prime property to expand his existing real estate portfolio.
Under the agreement, the fund has committed to initially acquiring up to £100m of bridging loan assets from MT Finance.
The five partners purchased the property for £2.4m in November 2016, using a £1.4m bridge based on a residential valuation. However, the property was already used as a care home, while the planned new facility required a £1m update to deliver a first-class service for aging patients with acute needs.
Around 30% of consumers miss out on cheaper mortgages that are just as suitable, costing them an estimated £550 a year.
Fiduciam provides bridging, development and refurbishment loans as well as auction finance, business and working capital loans. It provides loans secured over real estate in the UK, Ireland, France, Spain and the Netherlands.
This is an increase from the previous limits of £1.5m net for portfolios and £1m net per property, following from broker research where firms questioned Aspen’s lending limits.