HNW borrowers and experienced property professionals based on Qatar with a large worldwide property portfolio.
The clients existing lender required repayment and had started recovery proceedings. West One were approached by the client’s broker to the support urgent requirement to bridge the gap allowing time for the sale of some properties within their portfolio. The client had 3 properties in London, 2 of which were on the market that needed valuations to be taken as security. The biggest issue here was timing as it was mid-December and the Christmas shutdown period was slowing the process. Valuations were critical and liaising with the current lender was paramount to ensure no further action was taken.
Our underwriting team worked quickly and efficiently to ensure valuations were completed, at the same time liaising with the existing lender to maintain their awareness of the deal. West One was able to arrange a 9-month bridge over 3 of the clients London securities; two x 2-bed flats, vacant and on the market, and a 7-bed detached house, currently let and due to come to market shortly, with the combined exit being sale of the properties. The bridge allowed the necessary time for the sales of the properties.
A strong relationship between broker and lender always makes the process smoother, that coupled with West One’s ability to navigate tight time frames with ease ensured this deal was a success despite the Christmas period. Working with a lender who has experience with different borrower types and circumstances was beneficial in this scenario, our team are well versed to international clients in varying time zones and the borrower was very pleased with how we negotiated to suit their financial situation whilst working outside of normal hours.
A smooth and effective multi-team approach saw this case complete with success. The combined effort of our underwriting team, internal sales team and the broker meant the borrower was granted the necessary time for the sale of assets.
The introducing broker was extremely happy with the prompt and responsive nature given the clients circumstances. They were also impressed with the speed in which the deal was turned around and the professionalism throughout. Additionally, both the broker and client were impressed with the range of criteria available regardless of the unique circumstance, the broker had not dealt with a lender who could facilitate such a case.
Our approach to manually underwriting each deal means that we view each case as unique and have a view to ‘wanting to lend’ to support every borrower. In this instance, it worked perfectly, and all parties were very satisfied.