Redwood Bank has helped Resolv Property acquire 91 homes through auction.
The bank was approached when the property developers were given the opportunity to acquire a portfolio of properties through Ross Harper of National Property Auctions. The 91 properties included a series of flats and mid-terraced houses located across 16 towns in Scotland, and a semi-commercial property which was added at a later date.
In order to complete the deal, Resolv Property needed a loan approved quickly and a lender that would take into account the below-market purchase price and lend against the market value.
Adam Lawrence, director at Resolv Property said: “Redwood Bank really listened to what we needed in this situation. There was also an element of flexibility regarding the timing of the obtaining of some missing documents, which are typical in any portfolio purchase.”
Nicola Blake, associate business development manager at Redwood Bank, said: “It was quickly determined that Resolv Property would require a multi-million-pound loan in order to complete the property purchase. An application was submitted, and in keeping with the tight timescales credit approval was promptly granted for the properties.”
