Record quarter for property finance team at Taylors Solicitors
Property finance lawyers at north west firm Taylors Solicitors completed deals totalling £50m during the first three months of 2021 in a record quarter for the team.
The buoyant market means the team is on track to surpass the £160m in funding transactions completed during the whole of 2020, which itself was a record year.
The team, based at Taylors’ Manchester office, acts for finance companies and other funders and lenders operating in the property sector.
During the first three months of 2021, the team advised an expanding UK client base on bridging finance for apartment blocks and commercial premises, funding for new commercial and residential developments and property-related business loans and Coronavirus Business Interruption Loan Scheme transactions.
Partner Andrew, who heads Taylors’ Manchester office, said: “Despite being in the grip of a pandemic, the property market has remained relatively buoyant and it’s been tremendously satisfying for us to play our part in completing so many transactions during a period of such significant disruption.
“The diligence of our close-knit team working closely with new and regular funding clients has resulted in a record number of successful outcomes in recent months.
“Bridging finance transactions remain a key part of the landscape. Businesses and property developers are attracted to these due to the speed with which their applications are approved and the legal process completed.
“While mortgages can take several weeks or months, the opportunity to receive funds within two to three weeks of applying and avoid traditional property chains is very appealing.
“With many new and flexible products available, we may well see further advances in this area.”
Taylors’ managing partner Elaine Hurn said: “We pride ourselves on building trusted relationships with our clients and we have worked with many funders since the very launch of their businesses, including preparing their loan documentation and obtaining their own funding and premises as they themselves have expanded.
“We are proud that we have been involved with some very much from the ground upwards and that many of them regard us as the ‘go-to’ lawyers.
“We have invested resource, time and effort to put in place systems that ensure our clients receive a responsive, commercial and cost-effective service, not just in property finance but across our wider legal services offering.”