Business development manager Darius Shekarrizi has spoken of his pride following the announcement that Oblix Capital has completed a £1.4million residential bridging loan.
The bridging and development lender has revealed details of the complicated loan, which was secured against a "charming freehold house" in a pedestrianised mews in the heart of London’s Fitzrovia area.
The 12-month residential bridging loan, provided the applicant with an extension to his existing bridging loan, allowing him the time and capital to finish the project and sell it at an open market value of £2.2million -- a considerable return.
And despite the complexity of the case, the loan took two months to complete with Oblix Capital’s credit risk team providing a financial solution that above and beyond meeting the applicant’s exact needs.
Mr Shekarrizi said that in the current market many lenders adopt a straightforward approach to bridging loans and are often extremely reluctant to refinance existing bridge deals, "turning down cases even before assessing its individual credentials". He added:
"At Oblix Capital we pride ourselves on using our incomparable expertise to underwrite intricate cases and help our clients overcome their major challenges.”
Meanwhile, Adam Powell, director of sales at Oblix Capital, has paid tribute to the flexibility shown as the challenges of arranging the loan unfolded. He said:
“If there is one thing our experienced team have learnt, it’s that every case is different. Different in their end goals, different in their sizes and most importantly different in the challenges they face.
"With lending still nowhere near historic levels combined with the impact of the last global economic crisis, underwriting intricate deals like this one does needs far more due-diligence and care than ever before – fortunately we have a credit risk team that operates with the utmost flexibility, clarity and approachability.”
The news comes on the back of Oblix Capital announcing back in May that it was expanding its bridging finance offering in Scotland.
The lender – founded in 2014 by experienced property developer Rishi Passi – entered the Scottish lending market following a rapid period of growth.
Meanwhile, in February, Oblix secured a new funding arrangement with NatWest to allow it to extend its lending capabilities by a further £25m.