Broker-BDM cooperation for listed renovation
By Saira Taggar, business development manager at London Credit
Saira Taggar is delighted to announce completion on her biggest bridging loan to date, marking a new milestone for her employer, London Credit, since its inception eight years ago. The loan was for £3.675m, at a 70% LTV rate. It was taken out against a property in the London borough of Richmond for a 12-month lending period.
This case was brokered by Steve Hills, director of London Finance Brokers, who met Saira through their shared affiliation with the NACFB.
Anyone working in the industry is fully aware that bridging finance is demanding, necessitating the ability to work extremely quickly and innovatively within strict compliance regulations. An intuitive feel for different parties’ appetites is also crucial, and Steve noted that “Saira knew right away that that this case would be well received, and that instinct was spot on. From that point Saira worked tirelessly to address any concerns with utmost efficiency”, getting the case over the line to successful completion despite the many parties involved.
It was Saira and Steve’s responsibility to ensure transparency between bridgers, solicitors, lenders and others from whom cooperation was required. Steve said: “One of Saira’s real strengths is her ability to see things from multiple perspectives, appreciating reasons behind decisions and being dedicated to finding solutions everyone is happy with.”
Such open communication and trust is essential, ensuring that all parties can have faith in the borrower and be confident that correct procedure can be followed.
There were several challenges involved in this case that demanded a high degree of dexterity, namely the restrictions associated with listed properties. As this Richmond house is a Grade II-listed property, Saira and Steve had to contend with council limitations and planning permission applications. With the lender unable to put a charge on a property with restrictions, the BDM and broker had to meticulously track developments which voided pre-existing restrictions and enabled the case to proceed.
As the UK property market faces stagnating prices, refurbishment is one of the most reliable means of making money on property investments. Therefore, it makes sense that we are seeing an especially high number of bridging loans for renovation projects, as was the case here. Steve also pointed out that “We are seeing a particular slowdown in the high-end market, thanks to stamp duty causing a bottleneck, and London Credit really marked itself out as a specialist lender in the way that it confidently assessed this property. Saira and the underwriting team demonstrated their expertise in their willingness to take this complex case on.”
London Credit looks forward to furthering its relationships, putting such market knowledge to use and marking more milestones in the future.