Clint White

Fiduciam completes £9m loan for 500-bed student accommodation scheme

Fiduciam has completed a £9m development loan for a 500-bed student accommodation scheme in northern England.

The lender agreed to the transaction in just over a week, having received the green light from the borrower six working days before completion.

The loan involved a substantial development component, with full legal due diligence, a new valuation and a monitoring surveyors’ report completed.

Ryan Parrett, business development manager at Fiduciam, said: “The six-day turnaround we achieved on this £9m development loan transaction is an excellent example of Fiduciam’s ability to put sufficient resource into getting deals done in the timescale required by the borrower. 

“Our team consisted of four people, all working on various aspects of the transaction. 

“We co-ordinated working well with the broker, the borrower’s solicitor, our valuer and the quantity surveyor to ensure that everything came together on time. 

“It was a tight timescale, so it was brilliant to see it all come together so well.”  

This comes after Fiduciam opened its new Manchester office last week, with the aim of expanding lending in the North of England.

It will now be hiring case managers and relocating existing staff to expand its capacity in the area.

Clint White, head of property lending at Fiduciam (pictured above), added: “I am so pleased with how Ryan and the team pulled together to get this transaction completed so quickly, particularly given it was a fairly complex deal.  

“Fiduciam has gone from strength to strength recently and this demonstrates that we have the capacity and capability to do large deals within tight timeframes. 

“We are looking forward to continuing to grow the business over the remainder of 2019.”

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