Hope Capital completes complex £4m deal on country house
Hope Capital has started the year with a bang with a complex £4million deal. Hope Capital completed the £4 million loan on a magnificent multi-million pound four-storey country house, set in extensive land with a number of outbuildings plus recreational facilities.
The loan was required to repay an existing charge, on which the client was paying a high interest rate; Hope Capital also provided an additional £500,000 for business purposes pending the sale of the property.
The short-term nature of the loan complexities around multiple planning permissions, together with the client’s status made it challenging for him to access mainstream finance. However, Hope Capital was able to get comfortable with the intricacies of the case, by researching every facet of the property, the client and their previous transactions combined with full due diligence.
While the loan application was in process, the client’s business interests required him to spend much of his time overseas and in different time-zones. Hope Capital overcame this by using video-conferencing, ensuring contact was maintained throughout the loan process so that any issues were ironed out without him needing to be in the country. This significantly sped the case up.
Although the planning and legal elements of the case were complex, Hope Capital’s flexible approach enabled these to be rapidly overcome.
Commenting on the deal, Gary Bailey, pictured, managing director of Hope Capital, said:
“This was a complicated deal but with Capital B as the client’s broker, the client, solicitors, planning experts, valuers and insurers all working together, Hope Capital showed once again that we can get deals done quickly and provide clients with the solutions they need.
The deal threw up a number of challenges, however Laura Carr and the underwriting team used their combined experience to find an appropriate solution for the client.”
Andre Bartlett a director of Holborn based brokerage Capital B says:
“I had been to a number of lenders who just could not deal with the complexity of this case. Then I approached Hope Capital and now wish that I had gone to them straight away. The team at Hope were incredibly helpful, they overcame every obstacle, working in partnership with lawyers and valuers as well as myself to help make the transaction as easy as possible. Many other lenders would have waited until my client was in the country to deal with everything which would have significantly prolonged the time to completion, but Hope Capital were happy to use video conferencing.
I have nothing but praise for the team at Hope and they will definitely be the first lender I call for all future bridging loans. Thanks to the innovative thinking of BDM Steve Allen, we made this into a deal that made sense.”