Fiduciam sets new lending record in April
Fiduciam, the institutionally funded bridging and development lender, has made a strong start to the second quarter in Ireland by closing a total of seven loans across the island in April. The total facilities amounted to £2.685m in Northern Ireland and €10.6m across the Republic of Ireland.
In the Republic of Ireland, Fiduciam provided a €2.1m bridging facility secured against two period dwellings in a prime residential location in Cork. This facilitated an equity release which will allow plans to develop 55 apartments and four mews houses to enhance the local area. Fiduciam also provided a €500,000 facility secured against two residential properties in County Meath to facilitate refurbishment works. This client has completed four previous transactions with Fiduciam, demonstrating Fiduciam’s commitment to maintaining strong relationships with its borrowers.
In Northern Ireland a £1.125m facility was provided to an existing customer secured against three residential properties in central Belfast. This loan will allow the borrower to enhance their investment portfolio by acquiring an additional five properties in Belfast and is the fifth transaction that Fiduciam has completed with this client.
Fiduciam also assisted with a complex cross-border transaction to assist a property development business. Three facilities of €5m, €3m and £1.26m were provided to fund the acquisition of a development site together with the refinancing of an existing asset. Fiduciam’s flexible funding structure allowed the borrower to draw down funds in both Euro and Sterling facilities. Collaboration from Max McGahon (McGahon & Associates) and Neil Logan (Wilson Nesbitt) allowed the transaction to complete within the tight deadline set by the vendor.
Finally, Fiduciam continued to expand its development loan book by providing a £300,000 development facility to fully fund the development of two new-build residential houses in Glenavy. The borrowers are experienced constructors and with Fiduciam’s help, were able to drawdown the facility in time to keep on track with the construction timeline.
Ken Duffy, country manager for Ireland, commented: “Our strong performance in Ireland is testament to our willingness to go the extra mile for our clients. We hope to continue to grow our Irish loan book throughout the remainder of 2022 by maintaining strong relationships with our repeat borrowers and expanding our footprint in the Irish market”.