Century Capital completes four diverse loans in four days
As further testament to their diverse lending portfolio, Century Capital show that having an asset based approach to lending allows them to lend where others may not by completing four deals in four days.
£2M loan in prime central London
Century Capital completed a £2M loan on a £2.2M Holland Park home to refinance an expired bridge, providing the borrower with an additional year to sell the property. The borrower had spent the last year locked in a complex legal dispute which had left him unable to sell the property in time to repay the previous bridge. We took a comfort charge over £1M weekend home in Wales enabling us to get to the LTV required on the Holland Park property. The borrower has multiple exit routes, including the sale of a rare Aston Martin.
A cut above the rest…
A small 1st charge on a multimillion pound commercial site in Prime Bath, currently home to a high end hair salon, enabled our entrepreneurial borrower to fund the deposit for a nearby development site. Time was of the essence with the application arriving on Monday and the option to purchase the development site expiring by the end of the week. Understanding the urgency, Century wasted no time in underwriting the deal and fast tracking completion to meet the Friday deadline.
Century recently completed a £1.28M loan to fund the purchase of a property in the South Downs at £1.3M. The borrower had previously secured an option agreement for the purchase of the house and had since gained planning permission for a large, modern residence with unspoilt greenbelt views, leading to an OMV valuation of £2M. We lent 64% of the full OMV on the basis that the borrower had spent c.£100K+ on planning and legal costs, meaning that they had put in our requisite 10% equity to the purchase. We were able to complete within seven working days from valuation.
Crypto currency start-up
Century lent £200K at 50% LTV behind a loan from a private individual on a £3.5M Chelsea townhouse to fund investment in a start-up Crypto currency business. The uncertain nature of this market would have made conventional business funding hard to come by, making an asset backed bridging loan the most viable option for the borrower.