Critical valuation advice faced with COVID-19 challenges

Ambition

Following the restrictions imposed by the UK Government as a result of COVID-19, an established London based investor/developer required a business-critical loan to help manage day-to-day operations. Our client required accurate and swift valuation advice on the assets to be secured against the loan. 

How we worked together

Given increased time-pressures, a cross-team collective approach was established quickly.  Surveyors across multiple teams and offices coordinated inspections and due diligence on the properties and local markets. Close collaboration with the Bank’s legal advisors ensured key risks were identified and considered early in the process. The ability to consult in-house expertise regarding planning, composition of external walls and local market insights enabled these risks to be further mitigated.

Specific expertise from our in-house planning consultants and building surveyors allowed us to identify mortgageability risks relating to unit configurations and recent building regulation changes.

Challenges

The progressive nature of COVID-19 meant inspections and the usual due diligence of 57 assets had to be completed before strict travel restrictions were enforced. A multiple team approach with close collaboration with the borrower was imperative in order to meet the Bank’s deadline requirements.

Resolution

JLL were able to provide reasoned advice ahead of the agreed deadline. The result being our client was able to provide the business-critical loan to a valued client

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