The Client
The client has maintained a long-standing 20-year relationship with the broker, with the end client being described as having solid equity and a strong profile in the property market
The Situation
The client was seeking funds to refinance an existing bridge facility. The case was a regulated bridging deal, so involved the client’s residence which can elongate the timelines due to the enhanced process it goes through. But the relationships, presentation of the deal and additional securities added extra comfort.
The broker came to us at the eleventh hour, after another lender withdrew consent unexpectedly. There were further challenges to the deal, including one of the securities being owned in a trust, lenders declining consent on a 2nd charge on one of the properties, refinancing another bridging lender, debt consolidation required, works being undertaken, and down valuations. Not to mention the time differences delaying legal proceedings and signing of documents as the borrower having to spend time out of the country.
Due to these delays the borrower was facing additional fees and late penalties as they were initially struggling to refinance before they came to West One.
The Solution
Having initially been approached with the deal, the brokers opted to use another lender purely based on marginal pricing. After they ran into several obstacles, the broker and clients returned to enquire if West One could support on the original terms.
West One funded the deal after another lender took time to understand, although offering terms in the first instance and refinancing with existing lenders within the timeframe meant no late fees or penalties.
The time taken by West One sales and support team to initially understand, and then offer terms, meant that West One were already familiar with the specifics of the case. The speed at which West One operate at, ensured that the clients faced no late fees from the existing agreement. West One were able to expedite the process from weeks into days.
West One were comfortable with the use of funds for the debt consolidation and undertaking of works having a clear exit strategy presented by the client. The positive outcome meant West One provided funding to refinance the 1st charge, refinance the bridge, and funded the capital raise for the works while maximising efficiency to ensure no inconvenience to the client.
Our flexible and fast approach contributed to the solution and the client’s expectations were met.
The Benefit
Fast processes and even faster decision-making from sales and support teams allowed West One to support the borrower. Regardless of complexity of a deal, West One ensure they take the time to consider, and understand the client’s challenges in order to provide a solution to display the benefits of West One to the broker and borrower. The speed at which West One were able to provide funds supported the client and borrower.
The Result
The borrower and broker were delighted with the flexibility and efficiency provided to get the deal done within the time frame. The case was completed in 28 days despite the complexities.
The broker commented: “A deal is only a deal if it completes. You [West One] said you’d do what you’ve always done and that is why I keep coming to you and why you’re bridging proposal is as reputable as it is. I should’ve just come to you in the first place, but sometimes convincing the client that the cheapest isn’t always the best can be a hard task. You weren’t even that more expensive, I will always recommend West One as plan A given that you back up what you say”.
Related Case Studies
How expert underwriting saved a tricky bridge and completed in just 17 days!
£470K Loan Size 59% LTV 0.99% Rate 12 Months
Speed and communication saved a foreign national property portfolio over Christmas
£3M Loan Size 58% LTV 1.15% Rate 9 Months