KSEYE and LDN Finance have completed a £4.2m residential bridging loan for the purchase of 10 flats in a newly developed area in Canary Wharf.

The loan for the flats, which range from studio to one-bed apartments at between 70% and 90% LTV, was based on the purchase price.

The client was looking for a 12-month term in order to sell 25% of the units and retain the rest, with an exit on a buy-to-let mortgage which was established as an exit at the outset.

An efficient completion was necessary to secure the below market value purchase price that the borrower had successfully negotiated.

Co-chief executive officer at LDN Finance, Chris Oatway, said: "It was great working with KSEYE and fantastic to get there after everyone’s hard group effort. Emmanuel Jatto and Lizzy Read O’Connor were particularly brilliant in helping to get this over the line. There will certainly be easier deals in the future but there is a degree of satisfaction on this one to get it done."

Sales and marketing director at KSEYE, Marcus Dussard, added: "Our ability to help this borrower secure these properties demonstrates KSEYE’s committed approach to successfully getting deals across the line.

"Partnerships like the one we have we have with LDN make deals like this one possible. There were lots of moving parts, but it was a pleasure to work together with Chris and LDN to make it happen. We can’t wait to get the next one over the line."

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