Their buyer had decided to convert the building into residential use by splitting each floor into individual flats. As part of the deal, the developer would keep one floor of the building, renovate it and sell it on themselves.
The developer approached West One looking for a loan worth 75% of the unaltered value of the retained property to help fund the refurbishment. Based on all the necessary checks done by our broker and the speed at which our team could act, we were able to work fast and diligently. In the end, West One lent the developer £620,000 secured against the property, for a rate of 1% a month (deducted at the start of the term).
The nine month term of the loan provided the borrower plenty of time to renovate, fully refurbish the flat and place it on the market for sale.