Recently, SDKA were approached by a broker seeking a fast decision to assist 2 clients with an existing development loan. The broker, Jay Roper of MPG NW Ltd, conscious of the time critical case introduced the cases to SDKA as he required surety of funds for the client.
The clients, who are experienced developers, had 2 sites in Holmes Chapel and Middlewich each with a small number of high end residential properties whereby the existing facility was coming to the end of the term, in just 3 weeks.
The properties were completed to an exceptional standard and the developers needed time to market the properties and conduct sales on the sites.
In order to prevent the clients from incurring default interest / charges a fast re-bridge was required.
SDKA were able to underwrite the loans within 3 hours, instruct legals that same day, visit one of the sites that same week and invite the client to visit SDKA’s office, further enhancing the relationship.
Due to the fast action of the team and working in collaboration with the broker and their legal teams, completion occurred within the required timescale preventing any unnecessary default charges to the relief of the clients. A facility of £3m in total was provided for 6 months allowing time for the sales of the properties.
Jay Roper of MPG NW Ltd commented “I had two experienced developers that had delays on sales going through on their respective sites. I approached Kunal to discuss each proposal, with timing being critical. Kunal and his team expedited both applications and enabled a smooth process for my clients. Both transactions were completed within 3 weeks. It was a pleasure to work with Kunal and his team at SDKA, 5 Star service throughout.”
Kunal Mehta, Managing Director at SDKA, said “I am delighted that we have completed on these really interesting deals, superb introductions from Jay Roper. We are well known in the industry for acting fast, but our love for helping clients is evident with cases like this.
We are well on track to meet our projections for growth of the loan book this year, and I expect SDKA to finish 2023 strong thanks to deals of this nature. With a number of recent appointments and a wealth of experience we are able to underwrite deals and make a decision quickly, working together with all involved, in this case ensuring that the client did not incur further charges by their existing lender. I met one of the clients personally and I was very impressed with the finish of the developments.”