Time-pressured investor gets needed funding within eight days
SPF Short Term Finance, the specialist division of SPF Private Clients, has come to the rescue of an investor purchasing a £4 million shopping centre after his lender pulled its offer post-exchange of contracts.
The borrower had just two weeks left in which to complete the deal or risk losing his deposit.
In conjunction with West One Loans, SPF was able to assist the client at extremely short notice, arranging 100% funding, including VAT, within eight days.
Equity was used as additional security and the loan will be serviced from the passing rent already in situ. It was funded at 65% loan-to-value across the portfolio.
“With the investor let down by his lender at the last minute, it was crucial to find an alternative which would get to the required leverage and transact within the tight timeframe, as his deposit was at risk,” Amadeus Wilson (pictured), director of SPF Short Term Finance, related.
“We approached West One, which was able to provide competitive terms and pulled out all the stops to get this complex transaction done in just eight days, including valuations and legals. Our relationship with West One goes from strength-to-strength as we know we can rely on the team for this type of time-sensitive and complex transaction.”
Francesca Kindrat, head of operations for bridging at West One Loans, said that time was of the essence in this case, but they were able to make a decision quickly and overcome any hurdles that cropped up with the help of the SPF team.
“As a bridging lender, this is what we do best and delivering a quick turnaround on large complex transactions is where we are able to outperform our competitors,” she said.