West One completes complex £3m loan
West One Loans completed a large, complex regulated bridge loan for a high network real estate professional.
The client was to secure £3.38million to buy a large leasehold apartment in a prime location worth £4.8million.
However, he did not have the cash to fund the purchase, nor was he able to realize the assets on time.
Nationally: best start to the year since 2005
As the case progressed, further legal complications surfaced in the transfer of ownership report and at the last minute it was discovered that the purchase was in jeopardy due to lack of funds for the property tax on stamp duty.
Nick Jones, Bridge Sales Manager at West One Loans, said: “Large bridge loans, by their very nature, can be complex and it is not uncommon for unforeseen obstacles to arise.
“More often than not, our highly experienced underwriters are able to work with the broker and structure the deal to get it through, even if that means working weekends.
“Throughout this particular case, we had to overcome hurdles and look for solutions outside the box while ensuring we stayed within the bounds of regulations.
“Our flexible approach to underwriting means we can consider what might seem like an impossible case, but if there’s a workaround, we’ll find it.”
Barney Drake, Managing Director of Y3S, added: “We are writing more and more business with West One on bridge financing.
“Their can-do attitude means that even, as happens in many complex cases, the details change over time, West One is still looking for a way to fund the case.
“On this particular loan, the administrators got involved and discussed with the client to find a way to provide the funds.
“I think that’s why West One conversions are so high and it gives us massive confidence when we place cases with them.”