“In the short term lending sector, exit is critical but so is quick thinking and speed of delivery. In this case Legal documents were received for review from the borrower’s Solicitors on 13th of the month and we completed on 27th the same month.” Kieran de Vares, Solicitor
Our client’s challenge
What was the challenge? Our client’s borrower was under strict timescales to complete the loan in order to exit from an existing high interest development finance facility.
The deal was made more complex in that several unilateral notices were placed on the title for already exchanged units that were pending completion, which ultimately would rank ahead of our client’s proposed security. Nevertheless we were able to remove all notices, secure priority for the lender and then formally complete the loan within the lender and borrower’s timescales.
Bridging the gap
Development exit deals can be tricky in that we must ensure we have full building regulation sign off and NHBC (or equivalent) documentation for each unit which is pending sale. These pending sales remain in the freehold title for which our client is registering their security so it is imperative we have the appropriate sign off so value is protected.
Responsive and timely delivery
We completed the deal within two weeks!
Legal documents were received for review from the borrower’s Solicitors on 13th of the month and we completed on 27th the same month.
The right result for our client
The lender used this particular case in an article to promote their Development Exit products as proof of their ability to turn around high value development exit deals quickly.
“PLS proved invaluable in this Eastbourne, high value case. In fact we have used their approach in our own publicity to promote our development exit products”