The client required funding to refinance its existing debt and finish the conversion of a period office building into 15 large high-end apartments, with a GDV of over £5m.
The initial development loan was due to expire, giving an added level of time pressure.
The £3.2m facility, arranged at a rate of 0.8% over 12 months, allowed the borrower to pay off their existing facility in full and free up some extra funds for the last remaining works.
The deal was agreed and completed within six weeks, allowing the client to repay their existing lender on time and without any penalties.
All parties executed the loan documents remotely and maintained clear communication throughout.
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Matthew Underhill, senior broker at London Belgravia (pictured above), said: "The team at West One Loans really stepped up to the mark on this deal, managing to complete a time-sensitive deal within the set timeframe during difficult market conditions.”
Michael Grant, head of sales at West One Loans, commented: “It was a real pleasure working with Matthew and the team at London Belgravia Specialist Finance.
“There were a few hurdles that we had to overcome and the broker took a very pragmatic approach in dealing with our requests and requirements throughout the process, given the timeline and pressures that we faced to complete.
“I would also like to thank Amanda Floyd, one of our senior underwriters, who had been tasked to underwrite the deal through to completion [and] worked tirelessly to ensure we met the deadline."