Redwood assists complex 91-property acquisition

Redwood Bank has announced it has successfully completed a loan to assist the complex acquisition of 91 properties.

The challenger bank was approached when property development company, Resolv Property, was given the opportunity to acquire a portfolio of properties through Ross Harper of National Property Auctions.

The 91 properties included a series of flats and mid-terraced houses located across 16 towns in Scotland, and a semi-commercial property which was added at a later date.

Redwood suggested that “time was of the essence” as a result of the vendor retiring and wanting a quick sale. In order to complete the deal, Resolv Property needed a loan approved quickly and a lender that would take into account the below market purchase price and lend against the market value.

Resolv Property director, Adam Lawrence, commented: “Redwood really listened to what we needed in this situation. There was also an element of flexibility regarding the timing of the obtaining of some missing documents, which are typical in any portfolio purchase.”

Redwood associate business development manager, Nicola Blake, led on the deal, and added: “It was quickly determined that Resolv Property would require a multi-million-pound loan in order to complete the property purchase.

“An application was submitted, and in keeping with the tight timescales credit approval was promptly granted for the properties. There’s no doubt about it, this was a complex deal, but we provided the broker and customer with regular communications and updates.

“We held daily updates with the customer and through excellent teamwork across all areas; customers, underwriting, credit operations and both legal teams, we completed on time.”

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