The loan was arranged on behalf of the developer of a large mixed-use development in North West London. The finance was provided by the bridging lender, West One Loans. Funds were delivered to the developer within five days of the application being made.
The fast turn-around was the result of an exceptional effort and close teamwork between broker and lender. West One sent the funds to its solicitors’ account even before the due diligence had been completed, ensuring that they could be released to the client the minute the legal checks were passed.
Danny Waters, CEO, Enterprise Finance, said: “There was nothing 9 to 5 about this deal.
“The Enterprise team, along with Heatons Solicitors, worked long and hard to ensure no box was left unticked, and as a result the loan was approved quickly and without a hitch. It’s great that there are lenders out there like West One Loans who have the appetite for deals like this, and can deliver them day in, day out.”
Duncan Kreeger, chairman of West One Loans, added: “It’s impossible to take a deal from enquiry to completion in this kind of timeframe without a broker that really understands what bridging lenders need and expect.
“The fact that it came from Enterprise Finance meant we could hit the ground running and get the money out with the minimum of fuss. Enterprise know the sector inside-out and that means even the bigger and more complex deals can come together quickly.”