The facility forms part of a £15m joint venture with an unnamed lender, which includes £11.5m of senior debt and will be used to purchase a commercial building valued at £16.5m.
Reditum Capital provided the finance off the back of the initial commercial valuation alone to ensure the deal was completed swiftly.
“These moves are disruptive, but show that we understand the pressures facing our clients in getting deals completed,” said Mark Stephen, founder of Reditum Capital.
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“We are a team of seasoned developers-turned-lenders, so when we look at a potential deal, we know exactly what to look out for – that is why we structured this deal as a joint venture to lend at 90% LTV pre-planning.”
The remaining £1.65m to purchase the commercial property will be funded by the borrower’s equity.
Reditum Capital provides mezzanine and bridging finance for commercial and residential development and has arranged over £350m of funding across the UK, Europe and rest of the world since launching in 2013.
Mark added: “We may be global lenders, but the UK is always going to be a key domain for us and with Bristol’s property market continually thriving, it’s an area we will constantly be putting in high steed.”