Bridging finance lender Century Capital has announced the completion of three loans.
The first case was a £700k equitable charge loan at 65% LTV on a prime house in Hampstead for a returning client.
A Century Capital spokesman explains:
“Our funds were used to kickstart the client’s new hedge fund at a time where conventional upstart funding is harder than ever to come by. We were able to complete the loan in around two weeks, all whilst our client was jet setting round the world drumming up investment for his new business. Another great example of our asset focused approach providing our HNW clients flexible and timely funding for their businesses.”
This was swiftly followed up by assisting an up and coming musician who was looking to raise c. £300K against a £3m Notting Hill house behind a small 1st charge mortgage to fund some improvement works and the creation of a new home recording studio.
A Century Capital spokesman said:
“We were pleased to assist in the growing career of this exciting young talent! The loan was completed at 30% LTV on an equitable charge basis. The ownership was via a BVI trust which we were quick to get comfortable with. With a wide range of exits available, from record contracts to the fall back of straight forward refinance, Century were quick to complete this loan and continue to build on our strong and diverse portfolio.”
Completing the hat-trick, Century Capital was able demonstrate their flexibility in completing its funding of a redevelopment of an old country estate in West Sussex which was to be split up and sold in separate parts.
“Whilst not strictly a development lender, we were able to rely on incremental valuation updates, with the LTV kept around the 65% mark, to eventually lend a total of £2.2m against the property. Much of the site was sold off as different parts were completed over the last 18 months, with the final three properties – three holiday cottages created out of a large, characterful barn with stunning South Downs views – now funded to completion and about to hit the market with local agents. We couldn’t be happier to have assisted this local developer, and a regular client of Century Capital.”