As part of Signature’s ongoing commitment to addressing the UK’s housing crisis, it has remained steadfast in its commitment to supporting all developers, using its wealth of knowledge and experience to agree deals on mutually beneficial terms.
Rather than adopting a ‘one size fits all’ approach, Signature’s in-house team of property specialists have built a strong reputation for working alongside clients, taking the time to understand a project’s scope and potential before tailoring loan terms so that it benefits the developer. It’s this attention to detail and willingness to go the extra mile that has allowed the firm to consistently secure new business contracts with some of the UK’s most respected firms.
Once again, this was seen to be the case after the short-term property finance provider was approached by an established Edinburgh-based developer. The client had identified two residential properties that they intended to purchase and refurbish – a project that required £680,000 to complete.
Comprising of a two-bedroom, mid-terraced bungalow and an end-terraced bungalow with loft conversion, the client estimated that a combined total of £180,000 was needed to complete the heavy refurbishment of both properties, turning each into a three-bed space with extension. The rest of the loan would then go towards purchasing them both.
Given the client’s extensive portfolio and experience of overseeing similar projects, they were confident that the refurbishment could be delivered within the estimated £180,000 and confirmed they had the reserve funds to cover any excess costs should it be required.
With a GDV of £1,080,000 for both properties, the project’s potential was clear to see, so it was vital that Signature moved quickly to secure a deal with appropriate terms, allowing the required works to begin promptly. As such, all the necessary background and credit checks were carried out to confirm the client could commit to the agreed exit strategy.
Upon the completion of the refurbishment, the exit route would be the sale of both properties – a process that could comfortably be completed on a 12-month term given the strong demand for residential housing. Of course, the decision to lend was only made easier by the client’s proven track record, specifically in the Edinburgh property market.
As such, the full amount was provided and work is now underway on the exciting development that will only improve the UK’s housing crisis.
Alan Coats, Lending Manager at Signature Property Finance, commented:
“No matter how big or complex a project may appear to be, our in-depth understanding of the property market allows us to work efficiently, delivering a comprehensive service that ensures an opportunity is not delayed or lost altogether.
“From the very outset, the client made their intentions clear and it wasn’t difficult to imagine how the development would improve housing options. Not only this, but it represented an important opportunity for the developer to grow and expand on their own extensive portfolio.
“With this in mind, our team wasted no time in getting stuck into the finer details of the deal, ironing out any sticking points and making sure a deal could be agreed on terms that would support the client’s endeavors.
“We’re delighted to confirm that the entire process ran without a hitch and I’m confident the end results will be as impressive as the plans laid out during our initial meetings.”
The broker added:
“From the word go, Alan and the entire Signature team has shown why they are able to secure sizable contracts so consistently. Just from meeting with them you immediately feel a sense of reassurance that they have your best interests at heart and no stone will be left unturned during the process.
“Of course, when you’re dealing with developments of this size and magnitude, trust and reliability are non-negotiables, so it really helped set the project off on a positive footing from the very beginning. For this reason, we’d recommend Signature to anyone looking for short-term property finance.”