MMi create new short term lending standard in Scotland
As economic activity in Scotland has finally returned to something nearer its pre-crisis levels development activity in the property sector is increasing. One thing that has definitely not changed, however, is the attitude of the main clearing banks towards risk when considering development property and short-term financing requirements.
This lack of appetite on the part of the main clearing banks has left those smaller lenders who have a track record in dealing with risk and short-term lending with considerable opportunities. One of the key requirements for such lenders are efficient and effective solicitors who not only document the loan but have an insight into the market and the not inconsiderable problems to which conveyancing in Scotland is currently subject. Given that the problems arising from the Land Registration changes which goes to the heart of the requirements of lenders, McVey and Murricane's experience, knowledge and working relationship of the Registers is all important.
The value of instructing McVey and Murricane goes far beyond these exceptionally important practical matters. Historically, lending in this sector was seen as tertiary and documentation often emanates from different times and lower standards. The changes in the law, the speed of the transactions, changes in technology and the necessity of pinpointing the obligations of the borrower immensely benefit from a different approach. McVey and Murricane are acknowledged experts in efficient document design and providing lenders speedy, effective and well communicated advice. Lenders find that this approach is welcomed by their customers leading to increased business and satisfied clients.
From the other end of the telescope, the experience of McVey and Murricane and their use of MMi transaction analysis means that proposals based upon "foundations of sand" are more likely and more quickly to be uncovered. This is an invaluable advantage to lenders in this sector. Lenders will also benefit from regular updates from McVey and Murricane on practical and legal issues in Scotland that lenders need to know about.
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