Case Studies - West One Specialist Lending

Building lending relationships - Multi product experience

Written by West One Loans | Jan 20, 2022 4:40:00 PM

With over 10 years' specialist lending experience, West One Loans offers borrowers access to a broad range of products delivered through expert service, focused on flexibility, reliability, and speed.

We specialise in multi-product financing packages that allow our clients to access a seamless funding to support their property investment activities.

Development Finance:

  • Loan Value
    Day One - £1,012,943
    Full facility - £2,415,110
  • Property Value
    Day One - £1,450,000
    GDV - £3,835,000
  • LTV
    Day One - 70%
    LTGDV - 63%
  • Rate 
    7.55% p/a  

  • Loan term
    18 months 

The client was introduced to West One in November 2018 as the client was looking to acquire a site which, at the time, comprised a single dwelling. Planning permission had been granted in August 2018 for demolition of the dwelling and the erection of one 3 storey block containing 9 flats. The funds were used for the purchase of the site as well as the build.

Bridging Finance:

  • Loan Value
    Day One - £2,489,500
  • Property Value
    Day One - £3,830,000
  • LTV 
    Day One - 65%
  • Rate
    10.2% p/a 
  • Term
    12 months

In July 2020 the borrower refinanced the Development Finance loan onto a bridge. The bridging loan enabled the client to re-lever the property, releasing a small sum to complete works, and financing the period to sell down the units.

Buy-to-Let:

  • Loan Value
    Day One - £422,688
  • Property Value
    Day One - £575,000
  • LTV
    Day One - 76%
  • Rate 
    3.69% p/a
  • Term
    25 years

Having worked with the West One team for 3 years across Development and Bridging, the client then had a new requirement for a buy-to-let mortgage. A quick introduction to our Buy-to-Let team gave the client seamless access to further funding from West One in July 2021.