Auction purchase to convert mixed use property into fully residential

An experienced property developer in Richmond successfully won an auction bid to purchase a mixed use property in the area and convert it into fully residential use. 

The client agreed to purchase the property for £3,000,000 and under the terms of the contract had just under two months to complete the acquisition.

Without access to all the necessary funds, the client looked for a short-term financing solution to bridge the capital shortfall. West One was approached by the client’s broker searching for a loan.

We were comfortable working with the borrower, who had carried out similar projects in the past. All the relevant checks and necessary due diligence were carried out and West One lent the borrower £2,100,000 at a rate of 1.20% a month, for a period of 12 months.

Result

The borrower was able to purchase the property within the contractual time and use the 12 month period to arrange a suitable refinancing facility.

West One Loans 2020 | Part of Enra Specialist Finance

West One is a trading name of the underlying firms, who are registered in England and Wales and have their registered office address at The Edward Hyde Building, 38 Clarendon Road, Watford, WD17 1JW.


West One Loan Ltd is authorised and regulated by the Financial Conduct Authority (firm reference number 510024), their company registration number is 05385677.

West One Secured Loans Ltd is authorised and regulated by the Financial Conduct Authority (firm reference number 776026), their company registration number is 09425230.

West One Development Finance Ltd is not authorised by the Financial Conduct Authority, their company registration number is 11242570

Aura Finance Ltd is authorised and regulated by the Financial Conduct Authority (firm reference number 709675), their company registration number is 08326315


All the above firms are registered with the Information Commissioner Office and can be searched using ICO