Century Capital completes £9m facility in largest deal since lockdown
Century Capital has completed its largest deal since lockdown, structuring a £9m gross facility.
The lender provided refinancing of £7m existing debt, and a further £2m of hybrid development finance and equity release.
The borrower requested the loan in order to fund the full internal renovation of a Belgravia townhouse over a period of 18-months.
The property is a large freehold townhouse and accompanying leasehold mews house, set to be worth £25m once renovations are complete.
The borrower had substantial assets and financial reserves, but had no provable annual income and no UK presence, other than this asset, which made regular bank financing a challenge.
Luke Navin, head of lending at Century Capital, said: “We structured this 18 month facility for the borrower in just under two weeks.
“This was a fantastic deal for Century Capital as it demonstrated our ability to structure complex deals under serious time constraints and is testament to the strong relationships we maintain with our borrowers.
Paul Munford, chief executive of Century Capital, said: “We were very pleased to make this deal work for our US based borrower.
“We have worked with this borrower on several transactions; however, this particular transatlantic deal took place during the pandemic with completion on 5 November just as the US was at the height of the election chaos.
“We managed to complete the deal is under two weeks which is testament to how Century Capital go above and beyond for our borrowers.”