Teamwork and expertise lead West One to complete £3m, complex bridging loan

Industry leading specialist lender, West One Loans, has successfully completed a large, complex, regulated bridging loan from a HNW property professional. The case, packaged by Y3S, carried multiple complexities and required expert underwriting and teamwork between the packager and lender to secure finance for the borrower.

The client, a successful property investor, needed to secure £3.38m to buy a large leasehold apartment in a prime location valued at £4.8m. Although the client had an impressive asset list, he did not have the liquidity to fund the purchase, nor was he able to realise some of his assets in time. As the case progressed, further legal complications came to light in the conveyancing report and at the last minute it was discovered that the purchase was at risk due to lack of funds for stamp duty land tax.

Throughout the process, all parties involved remained in constant communication ensuring the borrower was confident in the deal process. The case required a breadth of underwriting experience from the team at West One and the flexibility and skill to restructure a large deal of this nature to ensure the completion. Large loans often carry higher risk and more complex requirements; however, this is where a common sense approach to underwriting coupled with a strong lender/ broker relationship can ensure a positive outcome.

Thomas Cantor, Head of Bridging Finance at West One Loans, said: "Large bridging loans, by their very nature, can be complex and it is not uncommon for unforeseen obstacles to crop up. More often than not, our highly experienced underwriters are able to work with the broker and structure the deal to get it over the line even if that means working at the weekend."

"Throughout this particular case, we had to navigate hurdles and look outside the box for solutions whilst ensuring we remained within the boundaries of regulation. Our flexible approach to underwriting means we can consider what might look like an impossible case but if there is a workaround, we will find it."

Barney Drake, CEO of Y3S, commented: "We are writing more and more business with West One on bridging finance. Their can-do attitude means that even, as happens on many complex cases, the details change as times go on, West One always look for a way to fund the case.

"This particular loan had directors getting involved and speaking with the client in order to find a way to provide funds. I believe this why West One's conversions are so high and this gives us massive confidence when placing cases with them."

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