"The time it takes to complete a deal can be critical, especially if clients are refinancing away from more expensive development finance" explains Ian, who was recently able to help a Cambridgeshire based property developer facing such circumstances.
Ian's client was up against an impending time limit on a bridging facility used to finance the development of six luxury flats in Trumpington, a sought-after village on the southern outskirts of Cambridge. The development is located within easy reach of the Addensbrooke Hospital and the city's famous university, where there is strong demand for high quality accommodation from doctors, academics and other professionals.
The development therefore offered strong security for a lender, but completing the refinancing deal quickly was a key priority. "From my experience of working with Aldermore on behalf of other clients, I knew that the bank was both flexible and responsive, two essential criteria if this deal was to be concluded quickly" continued Ian. "However, I didn't expect Aldermore to pull out all the stops in quite the way it did. The level of service it provided was remarkable: The application was submitted on the 26th May and completion took place on the 28th June. Unbelievable!"
Ian attributes Aldermore's performance to a number of factors. "One of Aldermore's greatest strengths is its professional and helpful staff. They have a 'can do' attitude and clearly want to find ways to ensure a deal gets done. It makes a big difference being able to deal with people who are committed to overcoming issues and finding solutions to potential problems.
"However, Aldermore also had another couple of secret weapons. The first is its broker portal which enables applications and supporting information to be submitted online. A credit check is carried out straightaway and, assuming everything is OK, a heads of terms is also produced immediately. The portal cuts-out the postal process and makes fast completion a reality.
"The second important factor is title insurance. Title insurance makes a lot of sense on refinancing deals and reduces delays caused by lengthy title investigations and the new title insurance service offered by Aldermore was a big help in this instance.
Finally, the solicitors, Barnetts, also played an important role in ensuring this deal completed quickly. They were able to turn documents around without any unnecessary delays. By working closely together, we have all been able to ensure this commercial mortgage deal was completed in a month from first submission to completion. It's good to see that such high levels of service can be achieved."
Lisa Baker, Commercial Mortgage Manager at Aldermore concluded: "It's satisfying to see deals such as this come to fruition. Aldermore has spent a lot of time and effort over the past year putting the resources in place in terms of staff, technology and insurance services, to make fast turnarounds a reality.
"However, without the support of professional brokers such as Ian our efforts would be wasted. Good teamwork and the commitment of everyone involved made the fast turnaround time possible."