WSP Capital completes £490,000 auction rescue in four days
Following an initial call, Churchbridge Capital began structuring the transaction for WSP Capital, which subsequently approved the facility.
WSP Capital has completed a £490,000 auction purchase facility at 75% loan-to-value (LTV) four days after issuing its formal offer, following a late change of position by the borrower’s existing lender.
The borrower faced losing their deposit if the purchase did not complete by the deadline.
The case was introduced to Churchbridge Capital, WSP Capital’s exclusive origination and packaging partner, by Christopher May of Golden Trust Capital.
Following an initial call, Churchbridge Capital began structuring the transaction for WSP Capital, which subsequently approved the facility.
Enhanced anti-money laundering (AML) due diligence was required on an individual connected to the transaction because the sale of a property in a higher-risk jurisdiction formed part of the background to the case.
The checks were completed in full and were satisfactory.
An existing valuation report also had to be retyped for WSP Capital’s reliance, with London’s Surveyors and Valuers completing this within 24 hours.
The loan completed four days after the formal offer was issued.
May said: “When another lender pulled out of a challenging auction purchase on the day our client’s extension expired, the team at Churchbridge Capital and WSP Capital stepped in and completed the loan in just four days.
“George, was brilliant throughout, finding a solution in very difficult circumstances. An outstanding effort and a fantastic result for our client.”
Robert Feldman of London’s Surveyors and Valuers added: “Auction deadlines leave no room for delay. When WSP Capital asked us to retype our existing report, we turned it round within 24 hours without compromising the quality of the valuation. Fast, reliable turnaround on time-critical cases is central to how we work.
“We are grateful to WSP Capital for the opportunity to support them on this transaction and look forward to working with them on many more.”
George Wall (pictured), managing director of WSP Capital, said: “When an existing lender changes its position this close to an auction deadline, the borrower is not looking for an indicative appetite or a promise to review the case next week.
“They need a lender that will look at the security, understand the circumstances and give a clear answer. Speed in bridging does not come from skipping work.
“It comes from identifying the real issues on the first call and dealing with them in parallel rather than in sequence.
“Because Churchbridge was structuring the case from the outset, the questions were answered before the offer went out, which allowed the lawyers to move straight to documentation. Brokers need to know that when we say yes, the loan will complete.”
Related
HBI Capital completes £755,000 Somerset hotel refinance through Brickflow
Maslow Capital completes £136.8m facility for Vita Group
StreamBank completes £1.5m bridge to support shopping centre acquisition
Glenhawk completes £1.9m regulated bridge in Watford
BCRS Business Loans provides six-figure funding for Qube Environmental acquisition
Aspen provides £1.9m refurbishment facility for Bath conversion
Rely helps first-time landlord secure funding after previous lender decline
Artillium completes £1.2m mortgage for Premier League footballer
Inspired Lending provides £822,000 developer exit facility for South East London scheme
Enness Global structures two-lender capital raise across property portfolio
HTB completes £9.8m refinance and capital raise across 40-property portfolio
