Strategic expertise and speed to support Empire Global Finance with £11m loan

The Situation:

The property is a well-known, well-regarded large, detached house located in a desirable residential area of Belsize Park Northwest of central London. Built between 1888 and 1890, the property represents an early design in the Queen Anne style by the architect Horace Field.

The property was occupied and owned by NHS and used for multiple services including archiving documents and community health teams.

The client was looking for £11 million, to refinance an existing loan, and further use the funds to develop the existing property into three properties.

Funds were required to repay the existing facility and provide 100% of the development costs. The works consist of major refurbishment and development to create 3 individual properties. Funding through a separate source was reaching its term, so the project required further funding which is where West One stepped-in. The experience and expertise of the team supported the progression of the funding to be completed in 6 weeks from the time of application.

The Solution:

Given the short completion timescales, we enlisted the services of our valuers and monitoring surveyors who responded promptly, along with a collaborative approach from Credit teams at West One enabled West One to ensure the client’s completion expectations were met.

Being comfortable with the large loan of £11 million, in-house teams, and our flexible approach all contributed to the solution and completion of the deal. All involved were able to communicate promptly, thus ensuring all key aspects were communicated and actioned.

The Benefit:

Regular visits to the property by the development finance team to meet with the client and their professional team to understand their vision for the end properties. The UBO is in China which is 7 hours ahead of the UK and we accommodated calls around the client’s time zone and their schedule.