Fiduciam, the bridging and marketplace lender, has completed its largest loan to date and one which will enable a borrower to save their business worth around £25m.
The £14.91m loan enabled the borrower to refinance three UK care homes that they owned.
Due to a Care Quality Commission (CQC) issue with one of the homes, the borrower had run into trouble with their high street lender who wanted to foreclose on their loan, despite the business still being in profit. The borrower stood to lose circa £8m in equity had the lender progressed a sale through administrators.
The firm explained that it was able to find a solution and ensure that completion of the 24-month bridging loan took place in plenty of time to pay off the first lender. This allowed the borrower to retain the business they had spent twenty years building and, in doing so, prevented the loss of numerous jobs and much-needed beds for patients.
Fiduciam has now supported SME’s with over £148m of loans.
Fiduciam director, Johan Groothaert, said “This loan, our largest to date, has helped a borrower out of immense financial difficulty. Fiduciam assesses each case on its own merits and delivers bespoke solutions to both intermediaries and borrowers.
“Our strength lies in our institutional funding, which means Fiduciam is able to lend up to 25 million in multiple currencies such as euros, sterling and US dollars on property across England, Wales and Ireland, as well as a number of European countries with loans up to three years. We continue to develop in all areas of our business with ambitions to continue to expand through innovative lending and problem solving.”