9 Residential Apartments Built in Croydon, London
Gross Development Value: £3.81mLoan Amount:
£2.16m 18 months
This range is designed for experienced property developers looking to finance residential-led schemes. We strive to develop closely held relationships to give property developers certainty of finance which they can rely upon to successfully grow their business.
To talk to us about what we can do for you and your client or simply learn more about what West One has to offer, get in touch today.
There is an in-house Surveying Team which sits within the Development Finance Department who have long-term experience in surveying and construction, affording them a greater understanding of the overall development process.
Our in-house Valuation Team are well-experienced, and RICS qualified. They work closely with the development team, ensuring an in-depth analysis is carried out to support the valuation provided. This allows the team to simplify the process in the early stages as they can provide a good initial estimate of a projects Gross Development Value.
Upon receipt of the Monitoring Surveyor Report funds are released within 24 hours.
Having been in the industry for numerous years the team have developed an adaptive and agile approach. This experience combined with the in-house valuation and surveying teams allows for a quicker and more fluid decision-making process.
West One have been a lender within the industry since 2005 and therefore have a high certainty of funding. We also have full autonomy over our credit decisions rather than having to consult external funders.
Having a dedicated portfolio manager for each case means we are able to take on more of a relationship-orientated approach rather than a transactional approach. This allows us to develop long-term relationships and it often means we are likely to work with clients on multiple projects. The portfolio manager will be involved from the initial enquiry, through the full construction process and ultimately, the repayment of the facility.
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West One only offers Senior Development Finance (1st charge) up to 65% LTDGV and 85% LTC, however we will consider applications where Mezzanine Finance is being used.
When a developer lacks sufficient cash to cover project costs which aren’t covered by the Senior Finance, they could seek Mezzanine Finance which is a loan secured via 2nd charge.
Mezzanine Finance can take a client’s contribution from 15% of project costs down to 10% of project costs as they typically fund up to 75% LTGDV and 90% LTC.
As there is a higher level of risk associated with this type of lending, rates on Mezzanine Finance typically can start at 12%.
All West One Development Facilities are funded in Arrears.
Following the facility set up, the initial works on site must be funded by the developer.
In the following month, the West One appointed Independent Monitoring Surveyor (IMS) will visit the site to assess the works which has been completed along with all the relevant paperwork provided by the developer/contractor.
The IMS will then provide a report to West One, certifying the amount which they believe should be release against the works carried out by the developer/contractor to date.
This is typically done monthly until the scheme has been fully developed.
With our facilities being Rolled up Interest, the developer does not have to worry about paying interest monthly and can concentrate their cashflow on progressing the development.
Interest is also only applied to the parts of the loan which have been drawn to date, meaning that if the developer completes the project only using a portion of the loan, they only get charged interest on that portion.
If you are a broker with an existing relationship with a member of the Development Finance team please use their contact details otherwise, you can contact the team using the below details.
Phone - 0333 123 4556
You must have successfully completed a minimum of 2 developments similar to the proposed scheme.
No – we will only complete a loan on the condition that full planning has been granted.
We hope you find the following resources useful. Please contact us if you require anything specific.
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Guy Murray, Head of Development Finance, West One LoansRead more
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