Ability to act fast in amending the structure of the deal
We were approached by a broker looking to assist a client with a complicated deal, an experienced developer looking to purchase a mixed use premises from their SASS pension fund; the property consisted of retail on the ground floor with residential above. The importance of this purchase was that it provided access to a parcel of land to the rear with planning permission.
The client was simultaneously purchasing another property which was being funded via a bridging lender. This was the purchase of an ex-care home with a view to a full redevelopment of the site, providing a conversion to residential apartments in addition to some new build homes. When this property was down valued the bridging lender was unable to accept additional security of a holiday let to complete the deal, as such SDKA adapted the original terms and security package in order for the client to purchase both the ex-care home and mixed use premises, completing on the same day as required.
Our in-house legal team was able to expediate the legal process despite the complexities involving the SASS, ensuring that completion occurred prior to the deadline. Client was pleased with the flexibility offered and commented that SDKA did not fit into rigid criteria like other bridging finance companies and made the deal work. A true principal bridging lender.
SDKA took a flexible approach to this case, which allowed the client to expand their property portfolio with a 12 month facility allowing redevelopment works to begin.
Tom Rowlands of Pure Property Finance commented “The entire team were extremely helpful and accessible throughout. It wasn’t an easy transaction but everyone was determined to find a pragmatic solution.”