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Case study Loans

Developer returns to Redwood for fast-tracked fix to ‘challenging case’

19/11/2021
When a broker was challenged to find a lender capable of agreeing a refinance package on a tight timescale, there was only one place to go and that was Redwood Bank. 

THE SITUATION 

An Essex-based property developer owned a ground floor commercial unit with six upper flats. The asset had a value of £1,450,000. The customer had already refinanced a property with Redwood and was looking to do the same with this asset having recently converted it but knew time was against them.  

With the customer needing a completion turnaround time of only five weeks to redeem a bridging loan it was a ‘challenging case’ – but a willingness to find a way to make things happen is what sets Redwood apart. 

THE SOLUTION 

The broker, Kim McGinley of Vibe Specialist Financial, approached Redwood on behalf of the customer. Redwood agreed a refinance deal and the loan was assessed, approved and drawn in just five weeks.   

THE EXPERIENCE 

Mark Dobson, Head of Business Development, South Region, said: “It was a pleasure working with Kim at Vibe to get this semi-commercial refinance transaction completed quickly for this existing Redwood customer, and we are looking forward to supporting them with their next proposition.” 

Kim McGinley from Vibe Specialist Financial Services Limited said: “When our client first approached us needing a completion turnaround time of circa five weeks to redeem a bridging loan, we knew we had our work cut out.   

“After approaching several lenders and discussing the various finance options available to the client, it was decided to proceed with Redwood who assured us that they could complete within the timescale required providing we were all on the ball.   

“The service from the whole Redwood team from start to finish was great and I have to say having a business development manager and direct access to the underwriter who were willing to go above and beyond in discussing matters directly with the client was so refreshing.” 

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