The client required the funding to further expand its business, as it already owned a number of units on site.
After being approached with the case, SDKA met with the client to discuss the transaction, view the property, and structure a loan which took into account the borrower’s specific issues — including the company’s balance sheet, which showed a loss.
The lender’s in-house solicitor was able to review the specifics during the underwriting process to ensure there were no barriers to completion.
The commercial facility was agreed on an 18-month term at 0.9% per month — 10 days ahead of the contractual completion date of the purchase.
Kunal Mehta, managing director at SDKA, said: “Multiple bridging lenders were very keen on supporting this loan, but what stood SDKA apart was direct access to decision makers, our ability to visit site quickly, establish the client’s requirements, and offer competitive rates.
“I’m very proud of the experienced and professional team at SDKA that delivered for our new client.’’