West One Loans has completed a complex £11.1m bridging loan in six days, rescuing £1.4m in potential losses for an experienced portfolio landlord.
The client, introduced by Affinity Mortgages, faced a critical deadline after their original lender withdrew at the last minute, placing a £1.4m deposit at risk.
With only 10 days to complete the purchase of a £14m apartment block, the borrower urgently needed to secure alternative funding.
The deal was further complicated by cladding issues, with significant remediation works required, which the investor was funding independently.
The bridging team from West One worked very closely with brokers at Affinity Mortgages to assess the potential for a bridging loan to remedy the situation their client was facing.
West One acted immediately, issuing terms within hours of the enquiry and arranging a next-day credit call with the borrower.
West One leveraged strong industry relationships to secure a property valuation in just three days and worked closely with solicitors, who accessed a dedicated data room to expedite legal due diligence.
The bridge was structured at 54.48% loan-to-value (LTV) for a total loan value of £11,168,000 over a 12-month term.
West One was able to complete the loan in only six days, ensuring the client could proceed with the acquisition and start remediation works with peace of mind.
Rick Marshall, director at Affinity Group, said: “After having the initial conversation with our client, […] I was unsure if I could hit the mandate.
“Thankfully, the stars aligned with all professional parties to the deal working overtime to ensure time frames were accomplished.
“This is not the first time that West One have excelled under these circumstances for our clients.
“Once they had committed to work with us, I had no doubt that they would make the loan a reality.
“[They] were ready to complete ahead of time. Just goes to show what can be achieved with the right partners; thank you West One, on to the next.”
A spokesperson from West One said: “It’s in moments like these where we recognise and appreciate the importance of strong partnerships.
“A deal of this size is always a feather in the cap, but to complete it in the time we did was a testament to the bridging team’s unwavering dedication to excellent service.”
