West One, the largest privately-funded bridging lender in the UK, has stepped in to fund a loan of almost £1M on a highly unusual property construction after the borrower was let down at the last minute by another lender.
The cutting edge four storey property, built on private land in Putney, South West London and made entirely from a glass and steel frame, was at first fix stage and up to this point had been entirely funded by the borrower.
West One agreed to supply funding for completing the development, on the basis of a first tranche of £500,000 on an LTV of 38% and additional draw-downs as needed subject to re-inspection of the property.
"This was a borrower looking for some creative thinking to fund the completion of his project. Up to this point he had used his own funds to design, plan and construct the property up to watertight stage. For us, it was simply a case of designing a deal that suited both parties; Putney is an excellent area, the property looks stunning and the LTV was very attractive. We built in draw-downs so the client would avoid paying interest on money he was not going to need yet".
The luxury property is expected to be completed within the next 5 months.
"We avoided paying interest on money that was not needed yet"
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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