Fiduciam seals complex bridge loan in Belfast, for a project affected by Covid, in just six weeks
Fiduciam has completed a 12-month bridge loan for a client in Belfast for a five-storey office building in the centre of the city. The building was completing refurbishment when the pandemic hit, but works were significantly affected and, as lockdowns persisted, the marketability of the building was impacted as more people were working from home. The loan that Fiduciam provided enabled works to be finished and also gave the landlord time to find a tenant.
The loan itself was complicated by the cross-border nature of the parties involved. The borrower was Northern Irish, but the two guarantors were from the Isle of Man and the Republic of Ireland. This meant there were three different law firms to deal with.
Published: 20 July 2021