Bridging to buy-to-let: Supporting a complex case for an existing client

The Situation

The complexity of the case stemmed from the existing finance. The borrower needed a bridging loan to refinance two existing separate charges with two different lenders which were secured over two adjacent blocks of flats.

The Solution

The strength of our relationship with the borrower and the individuals involved meant we were able to extend the risk appetite to deliver a financing solution to solve the borrowers' problems. In addition to this, the borrower had an exemplary track record on both existing and historic borrowing.

To make the deal work, we had to take additional security over 2 additional plots on a separate site developed by the client. We underwrite the onward buy-to-let refinance on day one meaning we had a valuation that was able to be relied on with the legal enquiries satisfied upfront to minimise the work/cost when refinancing onto the buy-to-let.

The Benefit

In this situation, there were two defining factors; the strength of the relationship between borrower and lender and the ease of transition through from one West One product to another. Our multi-product lending portfolio means that clients can build a strong relationship across multiple property finance products and then, in times like this, the relationship and trust developed can secure funding even in complex cases.

We processed our client’s application with the absolute speed it deserved. Cases like this do not come up every day but being prepared to handle them at any time means that when they do, we can respond and support all clients with any size of funding requirement.