January 7, 2011
West One Loans, one of the UK’s largest privately funded bridging finance companies, today announced the completion of a £7million bridging loan.
The deal focus was on a substantial property in Belgravia whereby the current owner required refinance and additional funding for further capital investment.
West One Loans provided the funding to repay the existing lender and to provide further capital. The 9 month bridge, with all interest deducted from the term, was constructed completely through private investor funding, West One Loans’ unique signature funding model.
West One Loans has an impressive track record with completed deals in excess of £43 million and continues to see outstanding growth. Their capacity to provide vital short term loans for both residential and commercial property enables borrowers to overcome short term cash flow problems.
Duncan Kreeger, one of West One Loans’ founding partners commented:
“This is our largest bridging loan to date and highly typical of the kind of access we have to private finance sources. Our business model offers lenders an opportunity to participate in specific loans secured on highly marketable properties at relatively low loan to values.
“Many borrowers are beginning to recognise the real benefits of our unique funding model which cuts out the middle man meaning funding decisions are agreed quickly and efficiently without any of the hassle of getting bank’s actuaries involved.”
Daniel Fireman, partner at CKFT Solicitors who advised West One Loans on the deal added:
“This very substantial loan was secured on a relatively unorthodox property arrangement involving unique title, planning and security issues arising out of a very short lease in a mixed use prime residential area and an ongoing enfranchisement process.
“The professionalism and extraordinary degree of co-ordination between the team at West One, its investors and all the professional advisors involved enabled the challenges that arose to be swiftly addressed and resolved to satisfy the borrower’s expectations whilst fully implementing of all West One Loans’ security requirements.”