Committed funding with 6 days to complete
Our client was a tenant in the commercial property which her landlord wanted to sell. It was important that she bought to ensure the established business remained at the site.
The property consisted of commercial to the ground floor, occupied by the borrower as a long established book shop and event space.
We were approached by a broker to fund this as another lender had pulled out of the deal late into the process. The broker contacted us because once committed, we deliver.
Speed was of the essence due to the client already having exchanged contracts.
SDKA reviewed the case and were satisfied that the business has strong management with good trading history & weathered the covid storm. We made a decision to lend the required funds at 65% LTV and it was underwritten within 3 hours. Our bespoke technology allowed us to produce the offer and legal pack straight away which gave the client surety of funds and enabled them to sign all documents same day. We accepted a re-type of the valuation displaying our flexibility.
The facility completed in just 6 days.