Century Capital completes three deals amid uncertain times
Century Capital have shown strength and resilience in uncertain times by completing three new deals totalling £13.7million. They provided short term finance across a diverse range of prime residential properties across Central London and the Home Counties.
Paul Munford, pictured, CEO of Century Capital, said:
“Century Capital is currently still very keen to continue to lend, despite turbulence in the market caused by the COVID-19 outbreak. We have had a strong March and we are committed to providing competitive terms for our clients while continuing to lend throughout this challenging time. Our underwriting remains rock solid and our customer service, first class. We appreciate the support from both new and existing brokers and introducers, and we hope to continue exceeding expectations in the short-term finance arena.”
The loans include two second charge bridging loans for two substantial prime residential properties in Buckinghamshire and central London of £1.7m and £7m respectively. The first for a country mansion belonging to a prominent UK businessman structured in a matter of days.
The second was a revolving credit facility on a contemporary chic prime London house for a City of London trader, let down by a lender who could no longer fund the loan as a result of COVID-19. Century Capital stepped in to organise the facility quickly and structured the deal at a higher loan to value to satisfy the borrowers requirements.
The third deal was for foreign national looking to borrow in the UK. After strict due diligence on the borrower and the underlying asset, Century were able to structure a complex £5.5m facility on the exquisitely designed property at a higher than average LTV that most lenders would have retracted from.
Luke Navin, Head of Lending at Century said:
“These deals are a result of our strong relationships with our brokers and introducers and allow us to remain solutions-based and customer focused even in these challenging times. It is more important now than ever that we maintain a business as usual attitude and remain as resilient as possible in an otherwise chaotic climate. Our flexible, yet established business structure, allows us to structure our products for our loyal customer base.”
The Century Capital office continues to operate as normal with the exception of face to face meetings. The team will be available by phone, email and video conferencing and will continue to provide market leading finance across the real estate sector with unrivalled levels of service. For more information, please contact a member of the team for further information.