Kent Reliance for Intermediaries has partnered with Mortgage Force to provide complex case funding for a £13m commercial development in central London.
Kent Reliance for Intermediaries, part of specialist mortgage provider and retail savings group OneSavings Bank, was approached by Mortgage Force on behalf of a client seeking refinance of a block of flats and capital raising to repay the existing development finance, totalling almost £13m.
Adrian Moloney, sales director, Kent Reliance for Intermediaries, said: “As a specialist lender, we’re not put off by complex cases – in fact we see it as a challenge!
“Our underwriters work very closely with our BDM teams to ensure that the client receives the focus and attention these types of cases require from the outset so our broker partners can meet their client’s requirements and timescales.”
Kevin Duffy, managing director, Mortgage Force, added: “This was a charismatic property bought by charismatic clients. Funds were provided by a charismatic lender via a charismatic broker.
“The whole deal was an endorsement of the Mortgage Force model and how we encourage all of our brokers to be resourceful and creative. One size doesn’t have to fit all.”
The client also intended to transfer the lease to a newly formed holding limited company. The development included retail units, which had already been presold and was partially listed.
Due to the complex nature of the case and the large loan amount, the application was presented to Kent Reliance for Intermediaries’ transactional credit committee to provide early indication of whether the case would be accepted and if further evidence was required.
The client presented a detailed exit strategy and was a very experienced developer, having worked on at least eight building projects in London before this application.
All projects had been managed by professional third parties and an exemplary set of documents produced for each.