IRELAND PROPERTY PURCHASE - BRIDGE TO TERM

OVERVIEW

• Bridge to assist with purchase of vacant property in popular D1.
• Repeat borrowers so Novellus were already comfortable with the asset management plan to refurbish and deliver a high-quality mixed-use scheme of apartments and offices
• Semi-Commercial security
• Novellus also pre-approved a term facility allowing the borrowers to seamlessly move across from the Bridge to Term product without the risk (and associated costs) of a second underwrite
• 60% LTV. An initial monthly rate was set during the bridge loan. Upon moving to term, the client was charged 8% p.a for a 5-year term following completion of the refurbishment works.

SUMMARY

Novellus were delighted to support a high-quality repeat borrower. We understand the strategy well and are committed to continuing to fund the borrowers as they embark on expanding their Irish investment portfolio.

The main highlights as to why this was a good fit for Novellus included us being comfortable off the Vacant value, quickly able to understand and underwrite the refurbishment risk and the biggest benefit was that we provided the borrowers with a long-term solution to support their: Buy, Develop, Hold strategy.

Using private capital and offering Bridging (against all asset types – including land), refurbishment, development and our term offering made us a unique option for this type of asset. We do not have maximum exposure limits to any individual borrowers and as such, the borrowers have the confidence to continue to source opportunities safe in the knowledge our capital will be their to help them execute and deliver.