PCF Bank completes new commercial bridge facility deal
PCF Bank, the AIM listed specialist bank, has completed a deal to provide an experienced developer with a commercial bridge facility of £1.25m, allowing the borrower to exit their development finance facility.
The property in West Sussex comprises the freehold interest in a site now developed to provide a terrace of six three storey office units together with parking. The project needed refinancing prior to achieving practical completion.
The borrower was looking to repay their existing development finance and required a lender who could complete within a short timeframe, supporting a loan-to-value of 75%. Given the borrower’s proposed exit strategy and sector experience, coupled with PCF Bank’s expertise in the sector, PCF.
Bank was able to structure a facility that met the requirement quickly and provide certainty to the borrower.
PCF Bank launched their Bridging division three years ago, and it has now become the fastest growing division at the Bank.
Mark Marlow, head of bridging business development at PCF Bank, said, “We are delighted that we were able to facilitate this deal within the timescale required by the borrower. We pride ourselves on offering borrowers quick decisions, which provide them with the certainty that they need to complete and invest in their projects.”