Andy Reid

Oblix Capital completes £2.21m development exit bridging loan

Oblix Capital has completed a £2.21m development exit bridging loan for an experienced developer and existing client of mortgage brokerage Coreco Commercial.

The transaction was completed in four weeks for the client, who had converted three apartments into a high-standard, single unit.

Andy Reid, director of intermediary and network at Oblix Capital (pictured above), said: “This was a well-presented case from Guy Nyirenda at Coreco Commercial, who worked well with our BDM Mark Marlow to ensure we were able to deliver the funding in a timely fashion.

“This was a classic case of broker professionalism working hand in hand with the lender.”

The specialist lender recently enhanced its refurbishment bridging product, which allows the market value to be updated at the point of building control sign-off.

Leave a comment