A London-based property investor needed a quick turnaround to secure a loan to purchase 10 flats in Sunderland – and Redwood stepped up to provide a solution.
Gamal El-Sayed Abdelmaboud, the sole director and shareholder of Tan Property Holdings Ltd, was looking to buy 10 properties within a block of flats as an investment earlier this year. The properties were valued at just over £1.6m, with a loan of just over £1m required by the customer.
The flats were being purchased with an ‘option to buy’, as part of the Limited Company Gamal took ownership of. It meant there was a pre-existing agreement that the completion should take place by the end of May, otherwise the agreement may be broken and financial penalties enforced.
This meant that the loan needed to be secured within a four-week timeframe.
Broker Kameel Awdish from Mortgage Advice Point worked closely with Redwood, and the customer was quickly approved for a 10-year interest only loan.
It took just a month to move from approval of the loan to drawdown of the funds. This enabled completion by the required date of the end of May, with the legal team able to work on the case while the valuation process was underway.
Mark Dobson, Redwood’s Head of Business Development, South Region, said the Bank was proud to be able to help a customer meet such a tight deadline, while maintaining excellent service through regular updates and Teams calls, where staff got to know Gamal personally, including discussing his experience in the sector.
Mark said: “It was a pleasure working with both the broker, Kameel, and Gamal, on this case from the very start. We were aware of the importance of this loan completing in a timely manner, so the regular engagement and teamwork between Redwood, the customer, broker and legal teams, helped get this across the line on schedule. We’re looking forward to helping the broker and customer with their next project.”
Kameel Awdish, Broker at Mortgage Advice Point, said: “It was a great pleasure to work with Redwood Bank. As mortgage advisers, we can at times deal with complex cases that require us to approach unique lenders to overcome challenging obstacles that vary on a case-by-case basis.
“Redwood took the time to assess this case as a whole and accept our rationale rather than having a one-size-fits-all approach. It was fantastic to work with a likeminded bank that puts their clients’ needs first like we do. Finally, a big shout out to Mark Dobson who took the initiative on this deal to make this happen and was with us every step of the way. We could not have got this over the line so quickly without him.”