Sanova solves client dilemma after eleventh hour lender withdrawal
Mayfair-based specialist broker, Sanova Property Finance, has managed to solve a complex issue for a key client against the clock after a lender withdrew at the eleventh hour.
Sanova Property Finance had two lenders in place to provide buy-to-let finance for a newly completed 8-unit development in Bermondsey. But just prior to completion, one of the lenders financing five of the units announced that it was unable to proceed.
Sanova worked with the other lender, Octane Capital, to finance the entire deal at short notice. Octane was able to provide the client with 70% of the aggregate value of just under £6m on a 2-year buy-to-let loan.
Crucially, this enabled Sanova’s client to move off a costlier development exit bridge and gives them all-important time to weigh up their options as Brexit unfolds in 2019.
Matthew Van Lorson, director, Sanova Property Finance, commented: a“Octane Capital pulled out all the stops to work with Sanova and solve what was an incredibly frustrating experience for our client. We were close to completion when I was advised by the lender financing five of the units that it was no longer able to proceed and was in fact pulling its entire buy-to-let range with immediate effect. Thankfully, the Octane team, led by Matt Smith and Jamie Oxley, showed tremendous commitment and a phenomenal, 24/7 work ethic to take on the entire development, rescuing the deal for my client in the process.”