How West One’s flexible criteria saved the deal

 

  • Loan value
    £515,500
  • LTV
    68%
  • Rate
    1.05%
  • Loan term
    12 months

The Client

The borrower [at the time] had two Buy-to-Let properties.

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The Situation

The borrower currently had a bridging with another lender, and was looking to extend by 3 months, the serving of the payments for the extended period of time. We were approached by the broker to provide a lower rate, and to discuss the possibility of capital raising for the borrower to enable them to undertake works on the property before exiting the bridging loan, with the exit being clearly defined as a sale.

 

The main security for the property was significantly down valued, and it was needed to revalue the equitable property to see if we could increase lending to make the deal work in the time scales.

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The Solution

The reason to lend approach adopted by West One was clearly demonstrated on this occasion.

The devaluation did add to the complexity of the case as it meant we had to stretch the max LTV by an extra 3% West One operate at on a regulated deal. But with the security and clear, and well thought out exit strategy ensure the West One decision makers were comfortable with the case and able to offer terms.

West One were able to work the broker to establish timelines to meet the needs of the borrower to ensure no charges we incurred.

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The Benefit

The flexible and manual approach taken by West One ensure the case was able to complete. Without such an approach the borrower would not have been able to secure funds to renovate property, and sell at its potential.

Having a dedicated underwriter to the case, regular communications with the support team meant the funds were sent across at the right time to ensure the borrower didn’t face any additional charges.

The Result 

The business development manager, underwriting and support team and at West One were able to ensure all those involved were kept up to date with the case, with clear communications ensuring the process was as smooth as possible to reach a positive outcome.

By understanding the requirements of the client, West One looked at how our flexible criteria could be leveraged to ensure the client received the funds with terms that were suitable for all parties.

Comments from brokers involved

"Amazing, thanks so much for all your help on getting this one across the line 😊"

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