Stephen Brennan

Why dual representation can sometimes serve as a vital tool




ActivTrades launched into bridging and commercial funding in April last year and we have already lent a sizeable chunk of money in association with many industry heavyweight brokers.

Our exacting sustainable growth continues and we have now added development funding to our range.

One of our greatest successes of last year involved what some deem to be an industry taboo: dual representation. Usually, the approach for such a facility is orchestrated by the borrower for the lender to use the borrower’s solicitors, however, on this occasion it was our suggestion that the borrower use an independent solicitor within our appointed panelled solicitors Lawrence Stephens.

The gross loan was £735,000, involved 20 individual student accommodation leases and a second charge on a London residential property. 

This was an auction purchase and time sensitive for the borrower, who had sought independent legal advice from a local solicitor prior to the auction.

It became evident that the original solicitor appointed would not be able to complete the legal in time and subsequently Lawrence Stephens was appointed to act on the behalf of both ActivTrades and the borrower. 

Although the enquiry had come in with a long lead time, by the time the case started to gain momentum with the complexities of the transaction, there were just days left until contractual completion. 

With the hard work and expertise of both ActivTrades and Lawrence Stephens, the transaction was successfully completed on the due date.

Whereas dual representation may not be at the forefront of every lenders wish list, in this instance it served as a vital tool for completing an auction purchase on time and delivered complete customer satisfaction.

 

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