The client is a very experienced and professional property developer.
West One were approached by The Affinity Group to seek funding for a developer in North Yorkshire held within a Guernsey based company which in turn is held within a complex Trust Structure.
The client recently completed Phase 1 of their development which provided 19 houses, however, due to construction being delayed, due to Covid, they were in need of a bridge to facilitate the sale of the remaining 11 units. In addition, they also needed funding for the development of phase 2 which would provide a further 13 houses.
The West One Bridging and Development Finance teams were able to work closely to provide a seamless service to the client. They were able to act quickly to not only put a Development Exit Bridge in place before the client's existing facility expired, but they also completed the Development Finance Loan simultaneously, ensuring that the contractor was able to move effortlessly from Phase 1 into the development of Phase 2.
As West One specialises in creating integrated lending solutions across the property investment and development lifecycle, we are able to provide our clients with access to multiple types of finance as well as a fast transition from one type of finance to another. Using just West One for the client's bridging and development finance needs, we were able to save the client time and money.
Our pragmatic approach and ability to keep everything in house, meant the client was able to repay the original development finance in time and begin construction work on the new site without delay.
Quote from the broker, Rick Marshall, Director at Affinity Group:
‘It’s always brilliant when all professional parties come together to make what could have been a very tricky transaction so smooth from start to finish. This is the first of many for this client who has been so impressed with the team at West One, their capabilities, attention to detail and most of all transparency throughout the process. We pride ourselves on being transparent with our clients and it is so refreshing to work alongside a firm who does the same.’
Quote from Alan Coleman, Portfolio Manager at West One:
‘Having an experienced developer and a broker that adds value to a transaction rather than just an introduction is always a pleasure, which was exactly the case with this deal.
When you add this to the expertise of our external professional panel and our ability to offer multiple types of property finance, it makes what some might find a difficult case to complete, very straightforward.’