Lendhub teamed up with Lawrence Stephens’ real estate finance team to complete a £5m commercial bridging facility.
The funding, which was provided at 53% LTV on a 12-month term, was used for the refinance of a commercial premises with planning permission to convert it into residential dwellings.
On Lawrence Stephen’s side, the transaction was led by senior director and head of real estate finance and banking Gregory Palos, with support from associates Kimberley Clift and Aashay Knights, who turned around the deal in a little over three weeks from instruction.
“It’s been a pleasure to have completed this significant deal for our friends at Lendhub,” said Gregory.
“This transaction adds considerable value to Lendhub’s strong loan book and we are delighted to be acting for this increasingly successful lender.”
Asim Shirwani, chief commercial officer at Lendhub, commented: “I’d like to extend my thanks to Greg and the Lawrence Stephens team for their continued hard work in helping us get significant deals like this one over the line.
“The firm’s legal knowledge, paired with our expertise in the bridging sector, has resulted in our client receiving the funds they need quickly and efficiently.”