Less than a week for £1.9m

12 August 2011

Bridging finance lender West One Loans have completed a £1.9m deal in less than a week.

The complicated deal was brought to them by Chris Fairfax of Positive Lending Solutions - a leading packaging company - with an opportunity in Hackney, east London.

The deal was brought in last Thursday afternoon, with the client needing to secure a loan on four properties in the borough to very tight deadline. West One then arranged immediate valuations on the four different properties.

Once an interest rate was agreed, the conveyancing was organised, the funding was put in place and, come yesterday morning, the £1.9m was paid out - less than a week later.

Duncan Kreeger, Chairman of West One Loans, said: "Chris came to us with a complex case and a very short deadline. His client needed to refinance a loan quickly, so the challenge for us was to pull everything together in just five working days. The fact that the security was four separate properties made it even more testing but we cracked on with the job and beat the deadline."

He added: "There are very few lenders who could turn around a £1.9m loan in such a short space of time. At West One our unique privately funded business model means we are able to agree loans quickly and deliver them with the minimum of form filling and underwriting usually required by mainstream lenders.

"It's proving very popular to packagers like Positive Lending Solutions, who usually need loans agreed and completed within very short timescales."

Chris Fairfax, Managing Director of Positive Lending Solutions, said: "Another great job by all involved at West One Loans. Positive Lending enjoy a great working relationship with the team at West One and this case is a further example of our ability to complete complex bridging cases very quickly."