Century Capital completed a £3m bridging loan for a British Virgin Islands-based company in four days.
The loan was against a against a £15m property in Mayfair at 20% loan-to-value with a proposed term of 12 months, with the lender retaining six months’ interest at the outset.
The exit has now been agreed, with the buyer set to refinance with a major global bank to completely redevelop the property. Full planning permission is in place for the house to be transformed into a £40m luxury single residence.
Paul Munford, chief executive of Century Capital, said: “In itself, a £3m bridging loan is fairly routine but to turn one around in just four working days where the borrower is an offshore company is far less so.
“With both timing and liquidity crucial to the buyer, this was the kind of highly bespoke loan Century Capital thrives on and is proof that when everyone involved in the process – solicitor, client and lender alike — are 100% committed, finance can be arranged in exceptionally short timeframes for even the most complex client requirements.”