Commercial deal of the week

Commercial deal of the week

In the bridging world, speed and accuracy are still two of the most vital attributes that both a brokerage and a lender can display when working together on a deal.

 In the bridging world, speed and accuracy are still two of the most vital attributes that both a brokerage and a lender can display when working together on a deal. B&C recently heard from UK challenger bank Aldermore, who told us about a deal completed with Ian Monks, a Consultant with Hampshire-based mortgage brokerage Commercial Mortgage Solutions, to help a Cambridgeshire property developer with an urgent need…

Ian’s client was up against an impending time limit on a bridging facility used to finance the development of six luxury flats in Trumpington, a sought-after village on the southern outskirts of Cambridge.

The development is located within easy reach of the Addensbrooke Hospital and the city’s famous university, where there is strong demand for high quality accommodation from doctors, academics and other professionals. The project offered strong security for a lender, but completing the refinancing deal quickly was a key priority.

Ian said: “From my experience of working with Aldermore on behalf of other clients, I knew that the bank was both flexible and responsive, two essential criteria if this deal was to be concluded quickly. However, I didn’t expect Aldermore to pull out all the stops in quite the way it did. The level of service it provided was remarkable: The application was submitted on the 26th May and completion took place on the 28th June. Unbelievable!”

Ian attributed Aldermore’s performance to a number of factors. He said: “One of Aldermore’s greatest strengths is its professional and helpful staff. They have a ‘can do’ attitude and clearly want to find ways to ensure a deal gets done. It makes a big difference being able to deal with people who are committed to overcoming issues and finding solutions to potential problems.

Ian added: “Aldermore also had another couple of secret weapons. The first is its broker portal, which enables applications and supporting information to be submitted online. A credit check is carried out straightaway and, assuming everything is OK, a heads of terms is also produced immediately. The portal cuts-out the postal process and makes fast completion a reality.

“The second important factor is title insurance, which makes a lot of sense for refinancing deals and reduces delays caused by lengthy title investigations. The new title insurance service offered by Aldermore was a big help in this instance.

“Finally, the solicitors, Barnetts, also played an important role in ensuring this deal completed quickly. They were able to turn documents around without any unnecessary delays. By working closely together, we have all been able to ensure this commercial mortgage deal was completed in a month from first submission to completion. It’s good to see that such high levels of service can be achieved."

Lisa Baker, Commercial Mortgage Manager at Aldermore added: “It’s satisfying to see deals such as this come to fruition. Aldermore has spent a lot of time and effort over the past year putting the resources in place in terms of staff, technology and insurance services, to make fast turnarounds a reality.

“However, without the support of professional brokers such as Ian our efforts would be wasted. Good teamwork and the commitment of everyone involved made the fast turnaround time possible.”


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