A complicated loan of £1.9m for a property investor was completed in just one week by a privately funded bridging finance firm.
West One Loans was contacted by Chris Fairfax, of packaging firm Positive Lending Solutions, when a client needed to secure an 18-month loan on four separate residential properties in Hackney to a very tight deadline.
Having received the application on a Thursday afternoon, West One Loans immediately arranged valuations on the properties.
Then, having agreed a competitive interest rate, it organised the conveyancing, put the funding in place and was able to pay out the £1.9m on the following Thursday morning, a week later.
Duncan Kreeger, chairman of West One Loans, said: “Chris came to us with a complex case and a very short deadline. His client needed to refinance a loan quickly, so the challenge for us was to pull everything together in just five working days. The fact that the security was four separate properties made it even more testing, but we cracked on with the job and beat the deadline.
“There are very few lenders who could turn around a £1.9m loan in such a short space of time.
“However, our privately funded business model means we’re able to agree loans quickly and deliver them with the minimum of form filling and underwriting usually required by mainstream lenders. It’s proving very popular to packagers like Positive Lending Solutions who usually need loans agreed and completed within very short timescales.”