The client needed to secure £3.38m to buy a large leasehold apartment in a prime location valued at £4.8m.
West One Loans has completed a large complex regulated bridging loan for a high network property professional.
The client needed to secure £3.38m to buy a large leasehold apartment in a prime location valued at £4.8m.
However, he did not have the liquidity to fund the purchase, nor was he able to realise assets in time.
As the case progressed, further legal complications came to light in the conveyancing report, and at the last minute it was discovered that the purchase was at risk due to lack of funds for stamp duty land tax.
Nick Jones, sales director of bridging at West One Loans, said: “Large bridging loans, by their very nature, can be complex and it is not uncommon for unforeseen obstacles in crop up.
"More often than not, our highly experienced underwriters are able to work with the broker and structure the deal to get it over the line even if that means working at the weekend.
“Throughout this particular case, we had to navigate hurdles and look outside the box for solutions whilst ensuring we remained within the boundaries of regulation.
"Our flexible approach to underwriting means we can consider what might look like an impossible case but if there is a workaround, we will find it.”
Barney Drake, chief executive of Y3S, added: "We are writing more and more business with West One on bridging finance.
"Their can-do attitude means that even, as happens on many complex cases, the details change as times go on, West One always look for a way to fund the case.
“This particular loan had directors getting involved and speaking with the client in order to find a way to provide the funds.
"I believe this is why West One’s conversions are so high and this gives us massive confidence when placing cases with them."
