A BVI company had agreed to buy 3 commercial office buildings in North London at a purchase price of £6,325,000. The buildings were let to multiple tenants, guaranteeing a good return on investment. 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.
"We secured a good return on investment with our bridging loan"
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West One Loan Ltd is authorised and regulated by the Financial Conduct Authority.
Firm Reference Number: 510024 West One Secured Loans Ltd is authorised and regulated by the Financial Conduct Authority. Firm Reference Number: 776026. Certain types of loans are not regulated, for example loans for business purposes or certain buy-to-lets. West One Secured Loans Limited is a member of the Finance and Leasing Association (FLA). The FLA Lending Code can be found at www.fla.org.uk. West One Loan Ltd is registered with the Information Commissioners Office. Registration Number: Z2651210. West One Secured Loan Ltd is registered with the Information Commissioners Office. Registration Number: ZA208381. West One Development Finance Ltd is registered with the Information Commissioners Office. Registration Number: ZA362893. West One Loan Ltd is registered in England and Wales. Company Number: 05385677. West One Secured Loans Ltd is registered in England and Wales. Company Number: 09425230. West One Development Finance Ltd is registered in England and Wales. Company Number: 11242570. Registered Office Address for these companies: 3rd Floor, Premiere House, Elstree Way, Borehamwood, Hertfordshire. WD6 1JH THIS IS FOR PROFESSIONAL INTERMEDIARY USE ONLY AND MUST NOT BE SHOWN OR DISTRIBUTED TO POTENTIAL CUSTOMERS