HNW Lending has completed a property loan for a developer in five days from initial enquiry.
The asset-based lender was able to advance the loan based on the developer’s assets, which included buy-to-let properties, two garages and other investments.
The loan was used to purchase and renovate a property in London that was adjacent to an existing development being progressed by the client. The borrower saw an opportunity to increase the value of the overall development by incorporating this property and needed to move quickly in order to secure the purchase. However, the development was already highly leveraged and so the client needed a lender that was able to consider his other assets as collateral on the loan.
Ben Shaw (pictured), CEO of HNW Lending, said: “This was an excellent example of a client who needed a combination of creativity, speed and certainty. He had to move quickly to secure the purchase that would ultimately add value to his overall development, but the application involved an element of creativity to use the client’s investment portfolio as collateral, without having to crystallise the assets.
“In addition to this, in the current environment of uncertainty, it was vital for the client that he was able to trust a lender to follow through with the deal and provide the certainty of funding that he needed.
“Fortunately, at HNW Lending, we were able to provide the client with the flexibility and certainty that he needed, and we completed the loan, from initial enquiry, in just five days, which meant he was able to realise the opportunity to add greater value to his development.”