Redwood Bank revels in the complex. When we were contacted by a broker looking for support for his customer in financing a mixed and varied portfolio, with the added complication that a bridging loan was in place, our flexible approach and bespoke underwriting helped us to get the deal over the line.
THE SITUATION
We were contacted by Robin Mazumder from Blue Horse Finance who had a client with a mixed portfolio split across three titles comprising six residential flats and 11 commercial units, one of which was used by and leased to the customer’s own trading business. The portfolio was valued in total at £2m. The customer was looking for finance to pay off a bridging loan, so time was against us if he was to avoid paying a significant amount of extra fees and interest.
THE SOLUTION
A lot of work had to be put in in the early stages to clarify the exact details before an offer could be made. But we knew that the customer was keen to draw down as quickly as possible, given the bridging loan. We were able to loan £1.25m (LTV 67%) – with the added benefit for the customer that our new five-year fixed rate had just launched allowing us to increase the original advance.
THE EXPERIENCE
Andre Parcian, Head of Business Development (Midlands), said: “I have worked with Robin Mazumder from Blue Horse Finance for nearly 20 years. Robin really helped us with this proposal in ensuring we had the necessary information to offer a full credit back loan, where other lenders were slow and cumbersome to deal with. This was Robin’s first case in to Redwood and he really supported this application from start to finish, helping keep the customer updated throughout the process.”
Robin said: “I have to say the service and professionalism were outstanding. This was a very complex case that had a critical time frame, From the start to completion, you were amazing. Special thanks to the team and underwriters and to Andre Parcian.”
The client, Antonio Andreas said, “All I can say is thank you. If Andre hadn’t been so professional and pushing every step I wouldn’t have completed on the deal. I had a bridge that needed to be paid within a certain time – if I went over it was going to cost me over £75,000. Redwood changed the offer at the last minute to allow a little extra on the borrowing.”