BridgingSecond Charge

Century Capital completes five deals in first week

Century Capital completed five deals in early January.

The lender, which launched in 2011, said this is likely to be a record month given the pipeline of deals at its disposal.

Century Capital is moving to an office in Mayfair this month.

Deal One: A new client approached Century requiring equity release on their unencumbered Chelsea harbour property. With a first charge in place and the sale of the security the exit Century completed the £700,000 loan.

Deal Two: Century completed on a £200,000 loan on a mews house in Knightsbridge with a short lease. With a first charge in place, Century completed the loan at 65% loan-to-value.

Deal Three: £1m of equity was raised against a newly restored, £10m house in Notting Hill to finance a purchase in the Bahamas. The loan was aggregate 60% LTV, secured by an second charge behind an existing lender.

Deal Four: Century provided a seven figure cash flow injection to a high profile property developer, secured on an established restaurant and residential property in Chelsea. The security valued at £7m and the loan was backed by a person guarantee from the ultra high net worth client.

Deal Five: The expert knowledge of leaseholds and development allowed Century to lend £100,000  for a loft conversion in fashionable Dalston. A combination of second charges on three already completed flats, under 65% LTV, allowed the builders to start work in January and avoid further costly delays.

Paul Munford (pictured), chief executive of Century Capital, said: “After a fabulous December we have headed into January with a bang; with our biggest week and pipeline to date.

“Key to the success of Century is our diversity, speed and commitment to deals.

“Brokers and clients are realising more and more that our common sense approach to lending is getting deals over the line and building reputations.

“While weather conditions might be gloomy the outlook for us is bright.”

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