In this case, we were approached by a top-tier London law firm on behalf of their clients who were seeking quick cash in order to settle an outstanding obligation. The clients had intended to sell the property in question in order to raise the funds required, however, the property’s uniqueness, market conditions, and other factors meant that disposal of the property at a reasonable price and in the timeframe required became impossible.
Dealing with high-end properties and their owners is always interesting, although there are often hurdles to overcome. These clients had accumulated their wealth by trading in Africa's oil and gas industry so we had high risk activities coupled with a high risk jurisdiction. This greatly limits the number of lenders willing to transact.
Negotiations commenced with a lender that we had used previously for similar transactions and who we were confident could perform in the required timeframe. An expert professional team was assembled, and enhanced due diligence was completed independently. The valuer attended the property 24 hours later, and legal paper work was issued that week. As with transactions of this calibre, there were plenty of enquires to satisfy, and three sets of lawyers, the lender and ourselves worked tirelessly to ensure the transaction completed on time.
From initial approach to completion, the transaction took four weeks. This case evidences our ability to transact at speed, under pressure, in complicated circumstances and on high-value assets.