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July 20, 2020

£318,000 bridging loan to convert a mixed-use commercial property into residential

english street terraced house purchased with bridging loan

The specialist finance market is well versed in complex scenarios, delivering flexibility to a broad range of borrowers and situations. However, the complexities of the coronavirus pandemic saw a lot of specialist lenders restrict or entirely stop operations. Unfortunately, many borrowers’ plans could not be simply left, and they needed to find an expert to pick up their case. Here’s exactly why a broker turned to West One to swiftly access a £318,000 bridging loan for their client during the coronavirus lockdown.

Loan value: £


LTV: 60%

Rate: 0.90%

Loan term: 12 months

The client

Experienced builder and property professional


property being renovated during bridging loan period

The client was intending on using a bridging loan to purchase a mixed-use commercial property in a predominantly residential area. They planned to apply for a change of use and convert the property into a 5-bedroom detached Buy-to-Let.

They were progressing through the application with their lender when the Coronavirus lockdown came into force. In reaction to the risk of the pandemic, the lender swiftly changed their criteria to lend against only fully residential security and pulled the offer. While the client hadn’t exchanged or paid a deposit at that stage, they had incurred valuation and legal costs, and more importantly, did not want to miss out on the investment opportunity.

Recognising West One for their experience in complex bridging finance cases, the client’s broker approached us to discuss the case.

Our solution

Within 24 hours of the in-depth conversation between ourselves and the client’s broker, we provided the broker with a set of terms.

Due to the imposed restrictions of the lockdown, no physical inspections were allowed of the property. However, as the client had already had a valuation report carried out, we were able to get the report re-addressed to us and reviewed by our internal property team due to it being carried out by a non-panel firm.

The rest of the process was relatively straightforward, except for the legal documents being witnessed incorrectly with 2 days to go before completion. Luckily, the borrower and broker lived within a reasonable distance from one of our BDMs (Matt), the client resigned the documents which were then collected by Matt and couriered back to the West One office on the same day.


man using power saw

This case speaks for itself. While many lenders quickly backed out of the market during the property lockdown, our doors remained open to borrowers. With a wealth of experience in complex scenarios and stable lending criteria already in place, we were able to take on our broker’s case despite the wider economic uncertainty. As with the majority of bridging cases, speed was of the essence – and we wasted no time in progressing the application. With a complete, transparent application from our broker, and a huge amount of teamwork between solicitors, surveyors, intermediary and borrower, we were able to achieve the desired outcome for the client.


With a fast turnaround on the case, our broker was able to deliver to his client even in such an unusual scenario. The client was then able to purchase the property and start making progress on his plans.

“We approached West One who are a reputable firm of bringing financiers to discuss the property type, change of use plan, exit strategy & client profile.

Within 24 hours they provided us with a set of terms, accepted the retype of the valuation report and managed to complete the purchase in a very good time frame.

Amongst these issues, all parties including Solicitors and I had to work in lockdown conditions when the majority of lenders were pulling products of their shelves & not entertaining any complex lending.

“OMB” would like to say a MASSIVE thank you to West One, PLS Solicitors & Ronald Fletcher Baker for working around the clock & delivering for our client.”

Our Mortgage Broker

Get your complex cases moving today. For a personalised, speedy approach to lending, look no further. For a quick chat or to find out more about our products, get in touch. Give us a call on 0333 123 4556 or drop us a message.
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