Fiduciam grants €5.7m loan over Dutch office portfolio

27-Jun-2019

Fiduciam, the short to medium term lender renowned for its business and overseas lending, has granted a €5.7m loan to enable a borrower to acquire a new office building and extend their portfolio in the Netherlands.

Just over a year since Fiduciam opened its Dutch branch office, appointing Bardo van Hoogen as country manager, the lender is seeing a strong demand for its loan product in the Netherlands. The main banks in the country continue to reduce their commercial real estate loan books, which means there is demand that cannot be satisfied by traditional mainstream lenders.

This latest loan is secured over three office buildings, has an LTV of 58% and a maturity of 18 months. The office buildings offer flexible space on a short-let basis but also benefit from some large anchor tenants on medium-term leases.  Due to the conversion of many office buildings in the Netherlands, into affordable residential, occupancy rates of office buildings are at high levels.  In fact, the properties over which the Fiduciam loan is secured actually have a waiting list of potential tenants.

Having a local office, with a native team, means that borrowers and their agents benefit not only from local knowledge, but also have an in-depth understanding of how the system works in the Netherlands. All origination of Fiduciam’s Dutch loans is carried out locally whilst the underwriting continues to be performed by the team in London. 

Bardo van Hoogen, Fiduciam’s country manager for the Netherlands says “We have had an excellent first half of the year.  Our application pipeline is growing strongly and we hope that our loan volumes in the second half of the year will surpass those of the first half."

Henrik Takkenberg, co-founder of Fiduciam adds “It has become increasingly difficult for entrepreneurs, real estate investors and family offices to obtain commercial credit from the Dutch high street banks, particularly for acquisitions, transformations, exits and special situations.  Fiduciam is filling this void, offering our clients lower interest rates than the other alternative lenders in this sector.”