Century Capital completes pair of complex bridging loan deals
With a very tight deadline and against the odds, Century Capital has successfully completed a second charge loan of £2.56m, on a Grade II listed Country Estate.
The client was under extreme pressure to redeem the current loan facility with another lender, in order to allow further time to work with the local planning authority to approve major improvement works to the property.
George Petrou, Head of Underwriting, Century Capital states:
“We were able to provide the facility of £2.56m (65% gross Loan To Value) despite the planning issues faced by the client. We agreed credit backed terms within hours of receiving the enquiry, obtained a valuation in the space of a few days and work closely with solicitors in order to understand the complex characteristics of the loan. A senior underwriter visited the site as soon as terms were issued, and therefore Century Capital had quickly become comfortable with the complexity of the proposal in order to deliver exactly what the client had requested”.
The client was extremely happy with the hard work, efficiency and speed demonstrated by the Underwriting team at Century Capital in order to deliver the terms agreed on day one of the process.u
Century Capital completed the second loan facility of £1.2m for a highly regarded senior financial services director, to ensure the completion of a new build luxury home in Berkshire.
The client had invested a large sum of private funds in order to complete the build of the luxury property, requiring Century Capital to be able to replenish the funds contributed to the completion works of the build.
“The security was weeks away from being completed and therefore lacked the necessary New Build Warranties required by the majority of lenders. Despite this, Century quickly stepped in and completed the deal using a common-sense approach.
The quick turnaround of this facility will enable the client time to complete the construction of the luxury home while providing the replenishment of the funds required and the borrower was extremely happy with the great speed in which Century Capital was able to execute this complex transaction”.