Mortimer Street Capital has finalised a £4.1 million development exit bridging facility for a client who recently completed a 22-unit scheme within a gated development in Surrey.

Following the completion of the scheme with new build warranties in place, the client sought to refinance the existing development finance facility. Their aim was to lower their interest rate and secure an additional 12 months to sell the eight flats and 14 houses.

Arranging the new facility with Funding 365, Mortimer Street Capital secured a loan-to-value (LTV) ratio of 64% with an interest rate of 0.77% per month.

Hiten Ganatra, managing director at Mortimer Street Capital, expressed satisfaction with the outcome, stating, “Our ability to help this client refinance and give them more time to sell their units is a testament to the Mortimer Street Capital team and is a fantastic deal for the business to complete so soon after its launch earlier in the year.”

Jon Brooks, senior credit officer at Funding 365, praised Mortimer Street Capital for their professionalism and efficiency, highlighting their collaborative effort in delivering competitive interest rates within the specified deadline.

Both parties expressed optimism about future collaborations, anticipating further success in meeting clients’ funding requirements.