After their original lender pulled out of the deal late on, speed was of the essence – and West One Loans were able to complete the deal in just 18 working days, all while meeting their commercial and risk appetite framework – such was the quality of the case.
West One Loans has developed a working relationship with the client over many years, which helped the process of underwriting and securing the funding go smoothly.
West One Loans is currently lending at a rate of £600m per annum in bridging loans.
Stephen Wasserman, Managing Director of West One Loans, said: “The challenges of completing a complex deal like this are huge, but through our Premier Loan team – that includes our most experienced Underwriters – and Investor Services team, we have the ability to complete deals like this quickly and efficiently by funding through our bank of Professional Clients.
“This was truly a team effort, and I’d like to thank Nick Russell from Creation Property Finance for bringing us the opportunity, and Stephen Evans-Jones at Fieldfisher LLP for their support in getting the deal over the line.
“This is also a credit to our approach. We take a pragmatic view of more complex cases and larger loans over £10m, as well as borrowers with different circumstances. That means we do deals which others can’t through effective and agile risk management and dedicated resourcing. This commercial approach to deal-making is at the heart of how we’ve always done business. We’re delighted to get this over the line, with it being one of our largest loans to date.”