PCF Bank completes ‘finish and exit’ bridging loan on barns in Somerset
PCF Bank, the AIM listed specialist bank, has completed a £711,000 ‘finish and exit’ bridging loan to support a client with the conversion of three barns in Somerset.
The client required a refinance of their existing facility, funds to complete the remaining work and a small capital raise for their next project.
PCF stepped in at the final stage to assist with the completion of the units. The facility was agreed at 75% LTV, and a competitive rate of interest with only 26 days elapsing from application to completion.
The barns have undergone a conversion and are now 90% complete.
Mark Marlow, head of bridging business development at PCF, said, “We are very pleased to announce the completion of this loan, as it demonstrates PCF’s ability to provide a high-quality service whilst working at speed. Many thanks to the team and our third-party partners for their hard work in finalising the loan so quickly.”