The client already owned a Buy-to-Let property and saw this residential auction property as an opportunity to expand his portfolio.
The client has never borrowed finances from a lender before and did not initially understand the intricacies and complexities involved when securing finance. They were unfamiliar with the available financial options and needed clarification on what the most suitable option would be in this case.
The client needed a thorough breakdown of the application process and what documents and details were required by West One, in order to ensure there were no delays to the case.
A bridging loan was required to raise additional funds in order to secure a property off auction. As the client did not have any history of borrowing but needed a large sum of money in a short time frame, a bridging loan seemed like the most suitable option.
Time is of the essence when it comes to securing an auction property. These sorts of deals require an agile and a cohesive approach, especially in this particular case as the client had never borrowed from a financial lender before and required reassurance to ensure that the funds would be transferred on time in order for the client to be able to secure the property.
West One’s hands-on approach was a key factor on getting this deal above the line. With over one hours’ worth of time on the phone between the client and the case manager, the structure of the deal was adjusted and amended to ensure both parties were satisfied with the terms of the deal.
The case manager also worked closely with the case underwriter, making sure all of the needs of the client were met. While the client was unfamiliar with the complexities of borrowing, both the case manager and underwriter answered all questions which the client needed clarity on, and the team ensured that all necessary steps were being taken to ensure the case was completed on schedule.
With West One, the internal parties involved as well as any external solicitors have experience working together and completing cases, meaning in this situation the collaboration among all parties played a massive factor in getting this deal completed in time.
Throughout all stages of this case, from the underwriting, valuation and any solicitor work, all parties were able to navigate through the complexities of the case and ensure that the client was able to receive their funding as quickly as possible.
The client received the bridging loan which enabled them to secure the auction property and begin on their efforts of expanding their property portfolio.
From the initial enquiry to the completion of the deal and delivery of the bridging loan the client received the funding within 20 working days.
A direct quote from our client, who appreciated the delivery of service provided by the case manager and team:
‘Very pleasant experience with Paul, who were great at putting the deal together and assessing my needs. From the first call the deal was structured well, adjustments were made as per my request, quickly. The property market is clearly something that the West One team are experienced in, and they will now be my go to people when looking at any future projects. The underwriter working on my case, Shanice, was also fantastic and answered all of my questions, and queries with solicitors (which sometimes meant lengthy discussions), ensuring that the deadline was met.’