Bridging and marketplace lender, Fiduciam, has completed a complex bridge loan in Northern Ireland in just six weeks.
The loan was for a five-storey office building in central Belfast known as The Kelvin, the former headquarters of KPMG in Northern Ireland.
The borrower had refurbished the Kelvin at the end of 2020 but needed Fiduciam’s help after the works were significantly affected by Covid. The pandemic then impacted the marketability of the property as more people were working from home and there was little interest from big companies at that time to occupy the property.
Fiduciam provided the borrower with a bridge loan for 12 months, giving the landlord time to find a tenant. There have now been multiple viewings with most of the interested companies looking to rent the whole building, which is the preferred option for the owner.
The loan was complicated by the cross-border nature of the parties involved. The borrower was Northern Irish but there were also two guarantors, one from the Republic of Ireland and a corporate guarantor based in the Isle of Man.
This meant Fiduciam had to deal with three different law firms – Wilson Nesbitt in Northern Ireland, Keystone Law in the Isle of Man and McGahon & Associates Solicitors in the Republic of Ireland.
Fiduciam has been expanding its operations in Northern Ireland and, as demand for its property-based loans continues to grow, a base in Belfast is the next stage in its evolution. As part of its long-term commitment to the Northern Irish market, Fiduciam intends to open a Belfast office later this year.
Ken Duffy, Fiduciam country manager for Ireland, said: “This transaction demonstrates how Fiduciam puts the client at the heart of any transaction. The fact that we could provide the client with an attractive loan and do so in just six weeks meant that the borrower saved a huge amount of money; and a key building in central Belfast could be refurbished and turned back into valuable office space.
“We would like to thank Neil Logan and Rowan Gibney from Wilson Nesbitt, Max McGahon from McGahon & Associates Solicitors and Geoff Kermeen from Keystone Law for assisting us in this difficult transaction. With their help and co-operation we were able to complete this deal in just six weeks from first enquiry. This is a clear example of how we work efficiently to find solutions to challenging deals in an environment where other lenders may struggle.
“Our pipeline of business is building and we are growing at a rapid pace so we are now dedicated to opening an office in Belfast. This is paramount to helping more businesses and developers both in Northern Ireland and also in the Republic of Ireland.”