Whether you are a new or veteran investor on small or large development schemes, it takes more than legal guidance to make the deal happen. Advising our borrower clients takes a real understanding of our client’s circumstances and the vision for their scheme. Aside from the critical requirements of legal expertise in development and bridging finance, the best legal advisers have excellent communication and interpersonal skills. As a team we are told that we can relate to people and that we build a genuine rapport to create the ultimate partnership needed for completing fast or complex development transactions – within the scope of the lender’s requirements.
Our client’s challenge
We acted on a specific development for a number of purchasers, all of whom obtained short term finance from three different short term lenders. Our challenge was to complete on seven units with three short term lenders as quickly as possible – all of which required the same completion date in order to comply with the developers notice period.
Added to this, all of our clients were Ltd companies and therefore required independent legal advice for the directors to enter into personal guarantees.
Bridging the gap
There were two critical success factors to this deal. Firstly the ability to work via Skype in accordance with the Lender’s requirements due to COVID19 rules and to ensure our clients receive their documentation and accompanying advice on time to avoid any delays in getting signed documents back to our offices.
Responsive and timely delivery
Within two weeks we completed on all seven units with all three short terms lenders within the Developer’s notice period.
The right result for our client
After the completions went through, we received excellent client feedback with one specific lender asking us to continue working for their Borrower clients.