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West One sets up £5.5m bridge in fast-changing refinance deal

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  • 01/09/2020
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West One sets up £5.5m bridge in fast-changing refinance deal
West One has finalised a £5.5 million bridging loan in 10 days on an upmarket block of flats in Radlett, Herts.

 

The client, an experienced developer, wanted to refinance at speed and was in the process of selling the apartments meaning the deal was evolving up until the last minute.

The final deal saw two plots sold with the remaining eight comprising the security package.

West One combined its underwriting and finance teams to meet the borrower’s fast-changing demands and timetable. An extra challenge was added by some of the counter-parties being located in different countries.

The solution required effective communication, creative solutions including for counter-parties to sign legal documents, managing the borrower’s expectations and leveraging the client’s existing relationships within West One.

Tom Cantor, executive at West One, says: “The deal took some twists and turns, with some of the plots still being sold, and the loan amount changing frequently in the 10 days it took to complete.

“It was fantastic to get such a complex deal done at such pace. It took real team effort to deliver a great result for the client.”

 

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