Getting Deals Over the line Despite Lockdown

Posted On: 29 Jun 2020

Hot on the heels of our recent good news with the announcement of our shortlist nomination at the inaugural NACFB awards for “Bridging Broker of the Year”. We are pleased to share further successes regarding recently completed deals, despite lockdown restrictions.

Collaborative Approach

Throughout the past few months our team have been closely monitoring the markets and regularly liaising with our network of panel lenders and professional contacts in order to best advise clients and work together to get deals done. This collaborative approach, has not only helped clients complete transactions, but in both instances led to further business referrals, proving lockdown has not brought the property market to a halt!

Deal One

We were approached by a client seeking funding for the extensive refurbishment of an existing dwelling which had just received revised planning permission for conversion.

Due to the current lockdown restrictions in the UK, there was no opportunity to gain a new valuation on the property for the client. Thankfully, one had been undertaken shortly before lockdown, and this was accepted by the chosen lender; a particularly significant and encouraging step for broker deals given the current state of the property market.

Furthermore, the lender granted the appointed legal firm permission to witness and advise on the execution of legal and financial documents remotely, given the social distancing restrictions currently in place. Our client was able to hold virtual meetings with his solicitors to ensure that all required actions were undertaken. Both the client and lender’s legal firms worked together on the digital finalisation of documentation with the promise to follow with originals when it becomes practically possible to do so.


With all professional advisors (valuer, broker, solicitors, and lender) being motivated to complete the deal within the agreed timeframe, this transaction was able to progress to completion, despite the current obstacles. Furthermore, we are currently in discussions with the client and the lender who assisted here regarding a subsequent project.


Deal Two

We were approached by the client’s accountant to assist with the purchase of the freehold mixed-use property they were currently trading from, following a failed attempt to secure funding.

Adding to the complexities, the client had already exchanged on the purchase with a 10% deposit and was due to complete the transaction by the end of March.

The client was seeking close to 100% of the remaining amount needed to complete the purchase and offered to pledge another property as makeweight security.  Suitable lenders were quickly identified, and remote valuations were undertaken and accepted during lockdown. Subsequently, it was possible to progress to the legal stage with all underwriting in place.

Legal matters were proceeding well with both lenders and their respective solicitors, until the final stages, when the lender providing the bulk of the funds decided to reduce their loan amount.  The lender took this decision because of the current economic climate following a final review. This meant that the client would be unable to complete as planned, even though the other lender was ready to proceed.


As is the case with many deals, our relationship skills are only fully tested when overcoming significant adversity. Having worked with this lender in the past, we had already established working relations with several of their lending specialists. Negotiations followed, during which the predicament of our client – who faced losing their deposit and being liable for the balance of the purchase price at this late stage – was explained.  Thankfully, we were able to find a workable solution which ensured they could complete the deal within the required timescales.

The client was naturally delighted to complete despite the various challenges encountered, commenting;

“There were a number of obstacles along the way which were all dealt with professionally by Alec who looked at alternative funding  structures in light of down valuations and reduced loans by the lenders.

Alec went the extra mile by maintaining regular dialogue with the lender to keep them onside to give them confidence that the matter would complete. This is not something which I expected but I am truly grateful to Alec for as I know that without this interaction then the transaction would not have completed.

I end finally by stating that I can’t recommend Alec highly enough for the perseverance and persistence and sheer determination to get this matter over the line and without his involvement this transaction would never have completed.”


Consequently, the client has since referred Alec and the KCS team to a number of his business associates to assist with their own funding requirements.

Ultimately, both cases demonstrate that despite the current covid-19 issues conditions, KCS was able to adapt its services to challenging market conditions, going that extra mile to get deals over the line, on target.

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