Fast bridging finance

West One completes £5.5m bridging loan in 10 days

West One has completed a £5.5m bridging loan to an experienced property developer in 10 business days.

The client had developed a block of 10 high-end flats in Radlett, Hertfordshire, but needed to refinance his existing development finance facility.

With the deal evolving up until the actual day before completion — due to plots being sold and released from West One’s proposed security package — the loan amount was continually changing, and some counterparties were located in different countries which further added to the challenge.

Creative solutions were required for all counterparties to sign legal documents, despite being in different countries. 

West One worked directly with the borrower to manage expectations and to ensure delivery within the timeframe, while leveraging upon the existing relationship that the borrower has with other teams within the group.

Senior members of the team, including Tom Cantor, an Executive at West One, were able to lead the way with the underwriting, legal and finance teams all working together to get a fast and successful result for the client.

With two plots sold, West One was able to provide a 12-month, £5.5m bridging loan at 68.4% LTV on the remaining eight flats. 

The portfolio was valued at just over £8m.

“This deal took some twists and turns with some of the plots still being sold, and the loan amount changing frequently within the 10 days it took to get the final deal completed,” commented Tom.

“It was fantastic to get such a complex deal done at such pace. 

“It took a real team effort which resulted in a great result for the client.”

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