March 5, 2012
West One Loans, the privately funded bridging lender, have announced the completion of a loan in less than 24 hours with Enterprise Finance, the bridging master broker. The borrower needed rapid access to finance after a mortgage deal was unexpectedly withdrawn. It placed the client in a difficult race against time to find and agree alternative funding in order to complete the property deal.
West One Loans approved the application and sourced the necessary funding, using their signature funding model of private investment, within 24 hours and enabled the deal to be completed on time.
West One has been able to complete a series of deals taking less than a day, most notably with a £275,000 loan in January last year.
Commenting on the deal, Duncan Kreeger, chairman of West One Loans, said, “We don’t subsume brokers in laborious bureaucratic procedures and streams of red tape. We apply a common sense approach and ‘get-it-done’ mentality, which means our deals are done faster and with a minimum of fuss. Our forms take about 20 minutes to fill out, and we have one experienced administrator for every underwriter – twice the industry norm. And we don’t rely on just one funding line, so we aren’t restricted on the type of loans we can arrange.”
“Unlike the high street banks, we’re flexible and quick. Mainstream lenders are unable to cater for the surging demand for buy-to-let loans. They are more focused on protecting their balance sheets and hoarding capital. That’s why more investors are turning to us in the absence of finance from the high street.”
Danny Waters, chief executive officer of Enterprise Finance, commented, “West One have a reputation for pushing through deals faster than any one else – and it’s easy to see why. Our brokers were able to deal with people, who were direct and uncomplicated, rather than a rigid system of procedures and administration. What’s more, they paid the proc fee on the day.”