Fiduciam has announced that it has just completed a £9m development loan for student accommodation in northern England in little over a week.
The borrower gave the green light to proceed on the Friday and six working days later, Fiduciam completed the transaction. The loan involved a 500-bed student accommodation in northern England with a substantial development component. Full due diligence was completed, including obtaining a new valuation, monitoring surveyors report, and full legal due diligence on the property.
This news comes just one week after Fiduciam reported it was to open a new Manchester office, with the aim of expanding its lending activities in the north of England. It will be relocating existing staff and hiring a number of case managers in Manchester to expand its capacity in this area.
Ryan Parrett, Fiduciam’s business development manager who originated the loan, comments, “The six-day turnaround we achieved on this £9m development loan transaction, is an excellent example of Fiduciam’s ability to put sufficient resource into getting deals done in the timescale required by the borrower.
Our team consisted of four people, all working on various aspects of the transaction. We co-ordinated working well with the broker, the borrower’s solicitor, our valuer and the quantity surveyor to ensure that everything came together on time. It was a tight timescale, so it was brilliant to see it all come together so well.”
Clint White, head of property lending at Fiduciam comments, “I am so pleased with how Ryan and the team pulled together to get this transaction completed so quickly, particularly given it was a fairly complex deal. Fiduciam has gone from strength to strength recently and this demonstrates that we have the capacity and capability to do large deals within tight timeframes. We are looking forward to continuing to grow the business over the remainder of 2019.”