West One Loans has provided a £20m first charge bridging facility against a high value site in London – one of the biggest loans in the specialist lender’s history.
The injection of money from West One meant the client could develop their business by acquiring another company and expanding into the unencumbered property, it said.
West One got involved after the original lender pulled out late on. It took 18 days to make sure the proposals met the lender’s commercial and risk appetite and to complete the deal.
West One Loans, which is currently lending at a rate of £600m per annum in bridging loans, said it had “developed a working relationship with the client over many years, which helped the process of underwriting and securing the funding.”
The lender’s managing director Stephen Wasserman (pictured) said: “The challenges of completing a complex deal like this are huge, but through our premier loan team and investor services team, we have the ability to complete deals like this quickly and efficiently by funding through our bank of professional clients.”
Bridge Invest trio
Bridge Invest completed three deals in as many days last week, with the loans were sourced from three brokers, two of whom the firm had not previously worked with.
On Wednesday, a first charge loan of £188,000, at 40 per cent loan-to-value (LTV), was secured against an unencumbered investment property for business purposes in Birmingham.
The following day the lender provided a £127,000 second charge bridge at 64 per cent LTV for business purposes. It was secured against a principal residence in Crouch End, north London.
It completed the week lending £286,000 first charge at 70 per cent LTV to a property developer undertaking heavy refurbishment in West Kensington. The loan will be repaid once the property has been made habitable and sold.
Chief investment officer Vivek Jeswani said: “This was a good end to the last three days of our financial year. We would like to thank Brightstone Law who acted for us on all of these transactions.”