Fiduciam closes complex bridging loan in Belfast

Fiduciam completed a bridging loan on a property in Northern Ireland within six weeks.

The complex bridge stood against a five-story office building in the center of Belfast, the former headquarters of the tax firm KPMG.

The borrower had redeveloped the property late last year, but the work was affected by the pandemic. The marketability of the property was also impaired as people worked from home.

Fiduciam provided the borrower with a 12 month loan to allow time to find a tenant.

Since then, there have been a number of visits with most of the interested companies wanting to rent the entire building, which is the preferred option for the borrower.

The case got complicated because one of the borrower’s guarantors was based in Northern Ireland while the other was based in the Isle of Man. This meant that Fiduciam was dealing with three different law firms.

The transaction involved Wilson Nesbitt in Northern Ireland, Keystone Law in the Isle of Man and McGahon & Associates Solicitors in the Republic of Ireland.

The deal precedes the lender’s plans to expand into Northern Ireland by opening an office in Belfast later this year. It plans to expand business in the region due to the demand for its loans in the region.

Ken Duffy, Fiduciam Country Manager for Ireland, said: “This transaction shows how Fiduciam puts the customer at the heart of every transaction. The fact that we were able to provide the customer with an attractive loan in just six weeks saved the borrower a lot of money; and an important building in central Belfast could be renovated and converted back into valuable office space.

“We would like to thank Neil Logan and Rowan Gibney of Wilson Nesbitt, Max McGahon of McGahon & Associates Solicitors, and Geoff Kermeen of Keystone Law for their assistance in this difficult transaction.”

He added, “This is a clear example of how we work efficiently to find solutions to difficult business in an environment where other lenders may struggle.

“Our business pipeline is growing and we are growing at a rapid pace, so we are now dedicated to opening an office in Belfast. This is paramount in helping more businesses and developers in both Northern Ireland and the Republic of Ireland. “

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