UK: Unbranded Finance has completed a £2.5 million bridging loan on behalf of Courie Investments Limited.
The loan is secured against a prime Glasgow City Centre office building with planning permission for a 113-room aparthotel at 249 West George Street, on the corner of Blythswood Square.
The 24-month loan will be used as a holding facility by the developer while they review a number of redevelopment options for the building including implementation of the existing aparthotel consent, or total redevelopment for continued office use.
Andrew Smith, co-founder of Unbranded Finance, said: “We used our in-depth knowledge of the local market and in-house property expertise to very quickly underwrite this transaction, and it was executed without the need for an external valuation allowing drawdown to be accelerated, demonstrating our flexible approach to delivering rapid and straight forward funding solutions.”
Andrew White, director of Courie Investments, said: “Unbranded delivered exactly what they said they would. Transactions like this always have their complications, it is always refreshing to deal with a lender who takes such a pragmatic approach with a “can-do” attitude.”
