West One Loans has turned around a development finance loan in just seven days for an £11.6m project.
The client, an experienced property developer, wanted to borrow just over £8m to purchase a plot of land to build 15 houses on the site.
West One said that the speed of the response ensured the client’s purchase of land was ready to complete on the contractual date set with the vendor.The deal daw the lender work closely with a trusted valuer and monitoring surveyor, who immediately inspected the site and quickly produced the valuation report.
“This was a case of working together and acting fast to get everything we needed from all the professionals involved,” commented West One head of development finance, Guy Murray, commented.
“Due to our agile working, we were able to present the deal to our credit department and get a quick approval to complete the loan within seven days from application.
“When we are up against barriers such as time constraints in this instance, we will always go out of our way to find solutions. This was a prime example of teamwork both within West One and with our network of external partners.”
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