The commercial property with a purchase price of £3million was let to multiple tenants including a bank. The client’s short term focus is to collect rental income but over time the plan is to apply for planning permission, as the building has already been earmarked by the local council as a potential for future redevelopment.
The client came to West One Loans after having exchanged on the strength of the bank’s offer but was then subsequently let down after the bank had to cancel all existing offers due to restructuring of their management board.
West One Loans was able to step in and provide the funds required within 5 days, therefore allowing the client to complete the purchase at short notice.
Duncan Kreeger, Chairman of West One Loans commented:
“This deal is a perfect example of how bridging finance provides a service where high street banks are unable to help. Our client was effectively left high and dry at the eleventh hour with their funding being pulled due to circumstances beyond their control.
"West One Loans was able to provide the funds for the deal to compete within five days and facilitate the loan, something that high street lenders would have been unable to do at such short notice.”
“Many borrowers are beginning to recognise the real benefits of our unique privately funded business model which cuts out the middle man, meaning funding decisions are agreed quickly and efficiently without the stumbling block of getting high street lenders’ actuaries involved.”
Danny Waters, CEO of Enterprise Finance, the packager who introduced the application added:
“Enterprise Finance has a valued relationship with West One. We perceive it as a close partnership and as a consequence we know we can often complete complicated transactions with a minimum of fuss in record time.
"This loan, which completed in less than five days, is an excellent example of how a close working relationship can really pay off.”
