By Donna Bates and Andrew Cochrane, Ultimate Finance Underwriters

Change happens, that is a fact. The key to ensuring any change goes smoothly is understanding why it’s happened and having the ability to adapt. At Ultimate Finance we appreciate things never stay the same, especially in property dealings, which is why having experienced bridging underwriters on hand to help to keep the deal moving forward is key, so our clients get their funds when they need them.

The Ultimate Finance underwriters are not kept in a darkened room or just say no when change happens! We actively discuss potential deals and existing proposals together with our Sales team, our brokers and their clients, as in our experience, ignoring change has no benefit to anyone. We believe this is what makes our Bridging underwriters unique, as we delve into the source of the change, understand it fully, and can make informative decisions on the back of their knowledge.

A prime example of our ability to adapt to change came during lockdown amid a flurry of CBILS applications. An experienced developer needed to redeem an existing lender on ten houses within a 150 phased development site. We expected titles to be split on completion for the ten units, so we were quickly able to agree the proposal and move on to valuation. Towards the end of our legal process, it came to light the existing lender would not release the titles from their freehold which created a Rights of Way access issue. After liaising with all parties involved, we were able to find an innovative solution quickly by obtaining a 3rd party charge across the whole estate to ensure access rights with the current lender were agreed and therefore enabling completion of the legals. The client was so delighted with our ability to adapt to change and find a solution, that we then funded a further 3 units on the site at the start of this year.

Michael Beer, Regional Director at Ultimate Finance and responsible for this deal, says ‘Having a flexible and fast responding underwriting team is essential in providing our Regional Directors with the confidence to go out to the market, especially in the current climate. When this particular transaction changed, our underwriters worked in conjunction with our solicitors to deliver a quick solution to enable completion on what had become a different security proposition than initially envisaged. The third-party charge involved four different stakeholders due to the complexity of the land, and the underwriters quickly understood the legalities to keep the deal moving forward. Working in partnership both internally and externally is key to providing our clients with the cash they require when they need it.”

We love challenges, and changes mid-way through a deal delivers them for sure! However, our experience and expertise will usually find a solution and with it, strengthens our relationships with our brokers and clients. At the start of this deal, we never expect to be called a “modern day hero” by the end. It makes our day finding the solution and giving our clients the funding they need to keep their business moving.