West One Secured Loans

West One eligibility and typical borrowers

West One’s second charge product is designed for property investors and self-employed borrowers with complex income structures. Typical borrowers include portfolio landlords with 5+ BTL properties needing capital to acquire further property, limited company directors using salary-plus-dividends income structures, contractors on multi-year day rate contracts, and property developers needing bridge-to-term funding on completed projects.

Credit criteria target clean to moderate adverse. Satisfied CCJs over 12 months old are typically accepted. Active CCJs or defaults over £500 within 6 months typically result in decline. Discharged bankruptcy over 3 years old is considered. The firm is more flexible on income source complexity than on credit file quality — so a contractor with complex but provable income on a clean credit file is the ideal customer.

Property criteria are broader than mainstream specialists. West One lends on residential owner-occupier, consumer BTL (personal ownership), investment BTL (SPV), and semi-commercial properties (live-work units, property above shop). Minimum property value £100,000, maximum LTV 80% on residential, 75% on BTL, 70% on semi-commercial. Minimum income £25,000 for sole applicants. Scotland and Wales both covered.

West One rates and a worked example

West One residential second charges start at 8.5% APR for clean credit at 65% LTV, rising to 12.5% at 80% LTV. BTL second charges price from 8.99% to 13.99% depending on coverage ratio and LTV. Semi-commercial lending is priced bespoke based on property type, rental mix and LTV — typically in the 10% to 14% range. All products are fixed for 2, 3 or 5 years with reversion to variable linked to base rate.

Worked example: £60,000 BTL second charge to fund deposit on further acquisition, secured on an existing BTL property. 15-year term at 9.99% APR fixed 5 years. Monthly payment: £644.44. Total cost over 15 years assuming constant reversion rate: £116,000. Interest cost: £56,000. The £60,000 capital enables deposit on a ~£270,000 BTL purchase at 75% LTV, growing the portfolio from 1 property to 2 and adding approximately £1,500/month gross rental income.

West One’s completion fee is typically 2% of advance on standard second charges and 2.5% on semi-commercial — among the higher fee structures in the market, reflecting the bespoke underwriting. Broker fees are separate, typically 1% to 2% on investor cases (lower than consumer debt consolidation cases because investors are more fee-sensitive). ERCs follow standard tiered structure: 5% year 1 reducing to nil by year 5 on a 5-year fix. Always model APRC including all fees, not just headline rate.

West One application process

West One is broker-only and prefers specialist brokers with investor-client bases. Applications typically start with a conversation between broker and West One’s Business Development Manager to discuss the deal structure before a formal submission — a practice that reflects the bespoke nature of investor lending. DIP is issued after initial review, usually within 48 hours of submission.

Documentation requirements for investor cases are substantially heavier than consumer consolidation cases. Standard pack: 2 years of personal SA302s, 2 years of company accounts (if using dividend income), 6 months of business bank statements, tenancy agreements for all rented properties, rental statements from letting agents, photographic ID, 2 proofs of address, details of the full property portfolio with addresses, values, mortgages and equity positions, and the proposed use of funds supported by budget or acquisition particulars.

Valuation is always a physical inspection for investor cases — AVM is rarely used. RICS surveyors with BTL and semi-commercial experience are preferred. Valuations cost £400 to £1,200 depending on property value and complexity. Legal work is handled by West One’s panel solicitor, typically Knight Frank Solicitors or TWM Solicitors for investor cases. First lender consent is obtained via Deed of Postponement. Total timeline: 4 to 8 weeks depending on complexity.

West One vs Precise Mortgages BTL vs Shawbrook BTL

For BTL second charges specifically, West One competes with Precise Mortgages and Shawbrook Bank — both larger lenders with established BTL franchises. The three lenders occupy slightly different positions in the market, with West One leaning toward more complex cases and the other two toward volume vanilla lending.

For straightforward BTL portfolios, Shawbrook or Precise usually beats West One on rate. For complex cases — holiday lets, multi-property refinances tied to upcoming acquisitions, semi-commercial — West One is often the right choice. If your broker does not know West One well, ask them to involve a specialist BDM or consider a broker who does.

Regulatory framework and consumer protections

West One Secured Loans is authorised and regulated by the FCA under firm reference number 510024. Second charge lending on residential property is MCOB-regulated; BTL lending on personally owned property is regulated as consumer buy-to-let (CBTL) under MCOB 12A; BTL lending to limited company SPVs is typically unregulated business-to-business lending outside MCOB but still subject to CONC rules on conduct.

On regulated residential and consumer BTL products, you receive an ESIS illustration, 7-day reflection period and full affordability assessment. FOS complaint rights up to £430,000 apply. On unregulated SPV BTL, the consumer protections are more limited — no ESIS, no mandatory reflection period, but FOS complaint rights still apply if you are a sole trader or micro-enterprise (annual turnover below £6.5m).

West One is not a deposit-taker, so no FSCS protection applies. The firm is part of Enra Specialist Finance, which is ultimately owned by Elliott Advisors (US hedge fund). Capital and operational resilience is reviewed annually by the FCA. In the unlikely event of firm failure, your loan would be transferred to an administrator who would continue collections on existing terms.

Bridge-to-term and combined products

A distinctive West One offering is the bridge-to-term second charge, combining a 6 to 18 month bridging loan with a seamless transition to long-term second charge at the end of the bridge period. This is valuable for property developers who have completed a refurbishment project and want to retain the property as a rental rather than selling.

Example structure: developer completes a £300,000 refurbishment project on a property previously worth £250,000, now worth £400,000. An £80,000 West One bridging loan (drawn during build, interest rolled up) is refinanced on completion into a £100,000 second charge 20-year term at 9% APR. This avoids the need for separate bridge exit finance and locks in term funding at predictable rates. The combined product typically saves 50 to 100 basis points versus separate bridge plus new second charge refinance.

The key consumer risk with bridge-to-term is that if the property valuation at end of bridge differs from projected, the second charge term product may not complete on the expected basis — leaving the borrower to repay the bridge from another source. West One structures these products with conservative projected valuations to mitigate this risk, but borrowers should understand the scenario and have a contingency exit plan. Specialist investor brokers add significant value in structuring these deals correctly.

Common mistakes with West One applications

Mistake one: submitting West One cases through a broker without portfolio landlord expertise. West One’s products are sophisticated and the BDM team expects well-packaged submissions including portfolio schedules, stress-tested rental cover and clear exit strategies. A broker used to consumer debt consolidation cases will often submit investor cases poorly, leading to decline or adverse pricing. Use a specialist investor broker.

Mistake two: underestimating fee load on bespoke cases. Between the 2% to 2.5% completion fee, valuation fees of £800 to £1,200 on semi-commercial or unusual properties, broker fees of 1% to 2%, and solicitor costs of £500 to £1,000, total upfront cost can reach 5% to 7% of the advance. On a £100,000 loan, that’s £5,000 to £7,000 — material in any return calculation. Build fees into your investment model before committing.

Mistake three: assuming your existing relationship with Vida Homeloans (first charge) or Clever Lending (distribution) gives you a better deal at West One. Although all three are in Enra Specialist Finance group, they operate independently from a pricing and underwriting perspective. Your broker should quote on the open market and not default to the Enra entity just because of the group connection.

Alternatives to a West One secured loan

For straightforward BTL capital raising against existing portfolio, Shawbrook Bank or Precise Mortgages will typically offer a lower rate than West One. For portfolio landlords with 5+ BTLs, Paragon Bank offers a portfolio remortgage product that consolidates multiple properties onto single facilities — often materially more efficient than individual second charges. Landbay offers limited company BTL refinance with attractive rates on SPV structures.

For property developers specifically, a true bridging loan followed by a separate term refinance may offer more flexibility than West One’s bridge-to-term. Bridge lenders such as Masthaven, United Trust Bank, Octopus Real Estate and Precise Mortgages Bridging each have strengths in different niches. A specialist bridging broker can structure these deals at keenest rates.

For semi-commercial borrowing, consider commercial lenders such as Allica Bank, Shawbrook Business or Paragon Bank Commercial. These products are underwritten on commercial lending principles (rental yield, tenant covenant, alternative use value) rather than MCOB consumer rules, which may be more appropriate for mixed-use property. Stamp duty, VAT and tax treatment differ materially between residential and commercial routes — take specialist tax advice before choosing.