The developer had plans to purchase the North London property, worth £835,000, fully refurbish the existing layout and place it back on the market for sale after one year.
The borrower was looking for a loan worth 65% of the unaltered value of the property to help with the purchase.
Once all the relevant due diligence and checks were carried out, West One agreed to supply funding to complete the purchase and lent the borrower £536,250 with monthly interest payments of 1%. The 12-month term provided the borrower with enough time to refurbish and sell the property, and subsequently repay the loan.
The loan successfully completed last week. A great start to 2014!