Since its formation, Signature Property Finance has remained committed to developing long-term relationships with all its clients – relationships that are built on trust and understanding, so that future engagements run smoothly, and the client’s objectives can be consistently met.
This ethos has been essential to the firm’s growth and success, with experienced developers returning with requests for more short-term property finance support. Of course, to build these relationships, there must be a positive first experience that has been underpinned by values of efficiency, professionalism and thoroughness, ensuring deals do not falter at any stage.
Signature’s extensive industry experience combined with their in-depth understanding of the property market has helped them achieve this and they are now reaping the benefits of adopting a client-centric approach.
Service quality evident when clients return
The importance of service quality compared to rates was recently demonstrated after an existing client, who had previously received a £199,885 bridging loan, requested a heavy refurbishment loan of £185,000 for a new project.
The client planned to purchase a four-bedroom residential property in Swansea with a view to converting it into a six-bedroom property that would be let through Airbnb, targeting tourists during the summer and contractors in the winter.
The client was confident the refurbishment could be completed for £70,000 and given the client’s expertise as a self-employed builder, there was added confidence in their ability to deliver the works as planned.
Having agreed an off-market purchase price of £165,000, the GDV was expected to reach £285,000 – a valuable opportunity for the client to expand their property portfolio and add value to the local area.
Given that the refurbishment did not require any planning permission to complete, it became clear that a quick lending decision would allow the client to progress with the project, and so Signature wasted no time in conducting the necessary background and credit checks to guarantee a smooth delivery and feasible exit route.
Once satisfied, the refurbishment loan supporting the acquisition and the refurbishment costs was offered on a nine-month term, which would give the developer three months to complete the works and six months to refinance.
With the rental income from Airbnb expected to be significantly higher than if it was collected through traditional rental means, the client’s exit strategy was deemed to be very strong, giving the deal extra momentum to move forward without any delays.
Bob Stones, Relationship Manager at Signature, said: “It’s always gratifying to see past clients return with new opportunities, as it shows that they appreciate our approach to lending and have full confidence in our ability to deliver a similar level of service each time.
“Of course, this desire to build long-term relationships is helpful from a logistical standpoint too as there is a familiarity that allows the entire process to run efficiently, with both parties confident in the other’s ability to agree a deal on suitable terms.
“Having previously collaborated with this developer in early 2024, we knew they had the expertise to follow through with the plans – this meant that aside from the usual legal formalities, we were happy to move forward with the deal and provide the heavy refurbishment loan they’d requested.
“It’s not the first and I’m confident it won’t be the last time we work with this client and look forward to supporting them again in the near future.”
Lyndsay Kent of TBK Mortgage Studio, commented: “Although it may sound surprising, we didn’t select the cheapest rate as it wasn’t the most important factor for our client. I reasoned other criteria such as an efficient drawdown process and immediate access to funds were more important priorities.
“The client’s experience of overseeing sizable refurbishment projects means that they complete very quickly, so for them it was about finding a lender that was both efficient and professional in their approach.
“It’s also important as a broker to understand what the client needs, what is important to them and to deal with lenders that keep their promises, delivering on the terms first agreed. Signature fit the bill exactly on all counts.
Property Developer Daniel Draper said: “Signature’s professionalism and efficiency has been second to none – they have taken the time to understand our vision for this project and delivered a level of support that has helped us deliver on our ambition. It’s for this reason that we’ll continue to work with Bob and the rest of the Signature team moving forward.
“For any other developer in need of short-term property finance, we’d highly recommend Signature as they really do understand their client’s needs and requirements, accommodating these throughout the process.”