Borrowers

West One is a one stop shop for specialist finance. Whatever your project or purchase, our broad range of products has you covered.

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Our product range

Due to their highly specialised nature, we offer the majority of our products – such as bridging loans, second charge finance, and buy-to-let mortgages – via intermediaries such as mortgage brokers. In the case of development finance, we often work directly with borrowers – small and medium-sized property developers, but welcome introductions from broker intermediaries, too.

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Bridging loans

A bridging loan is a short-term interest-only loan available to those who need immediate access to capital. Usually used for a property purchase, it is a loan to ‘bridge’ the gap while other finance (such as a mortgage) is secured by the borrower or the property is sold.

We offer four different types:

  • Regulated residential bridging
  • Unregulated residential bridging
  • Commercial bridging
  • Bridge to let
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Buy-to-let mortgages

Such mortgages are typically used by landlords or property developers, of all sizes and experience, to fund the purchase or redevelopment of a property they intend to rent out. 

The rent charged to tenants is then used to pay the mortgage – rental income from the property should more than cover the monthly mortgage payments. ‘Top slicing’ can also be considered, which is the use of other forms of income to help cover the repayments.

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Development finance

If you’re a small or medium-sized property developer, insufficiently catered for by high street and private banks, our product is built for you. We cover up to 100% of build costs and offer an initial loan-to-value up to 70%, lending to sole traders, ltd companies, and LLPs.

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Second charge mortgages

This is an additional loan on top of an existing mortgage, and is sometimes known as a secured loan. Unlike re-mortgaging – where a basic mortgage is changed to another one – a second charge mortgage is paid alongside the current mortgage. Where the current mortgage has the first legal ‘charge’ attached to the property, when a second mortgage is taken out, a second legal ‘charge’ is added, hence the name.

To qualify for a second charge mortgage, the borrower needs to be a homeowner already, but doesn’t need to live in the property. It is usually used to free up the equity from the borrower’s home. 

We offer two different products:

  • Residential second charge range
  • Buy-to-let second charge range
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Find out more

If you’re a property developer or interested in becoming one, our Small Business Guide to Property Finance will serve you well. Or to talk with our friendly team about any of our four products, call us now on 0333 123 4556 or send us a message.