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Under the terms of the contract, completion was required within 2 months.
The purchaser did not have sufficient funds at this time so in order to avoid missing a good opportunity, they looked to raise third party debt to finance the acquisition. However, a high street bank wasn’t able to lend within this time frame and so bridging finance was the only possible solution.
The purchaser approached West One in April looking for a short-term loan with no exit fees or early repayment fees.
West One recognised the borrower’s business acumen and the good investment this case represented. We agreed terms and provided funds of £3,625,000 for a period of 9 months with 3 months interest pre-paid in advance.
The term would provide the borrower with enough time to refinance the bridging loan with a mainstream lender.
By June the borrower had received the funds, secured against the 3 properties, and completed the purchase.