Kent Reliance for Intermediaries, part of specialist mortgage provider OneSavings Bank, has partnered with Mortgage Force to refinance a block of flats and raise capital to repay existing development finance totalling just under £13m.

Mortgage Force had approached Kent Reliance for Intermediaries on behalf of its client, who also intended to transfer the lease of the property to a newly formed holding Limited Company.

The commercial development, located within central London, included retail units, which had already been purchased and was partially listed.

Due to the complex nature of the case and the large loan amount, the application was presented to Kent Reliance for Intermediaries’ transactional credit committee to provide early indication of whether the case would be accepted and if further evidence was required. The client had a strong borrower covenant, presented a detailed exit strategy and was a very experienced developer, having worked on at least eight building projects in London previous to this application.

Commenting on the partnership, Kent Reliance for Intermediaries sales director Adrian Moloney said: “As a specialist lender, we’re not put off by complex cases – in fact we see it as a challenge! Our underwriters work very closely with our BDM teams to ensure that the client receives the focus and attention these types of cases require from the outset so our broker partners can meet their client’s requirements and timescales.”

Mortgage Force managing director Kevin Duffy added: “This was a charismatic property bought by charismatic clients. Funds were provided by a charismatic lender via a charismatic broker.

The whole deal was an endorsement of the Mortgage Force model and how we encourage all of our brokers to be resourceful and creative. One size doesn’t have to fit all."

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