Century Capital two £1m plus loans
Century Capital has completed two loans worth over a million each.
The lender has completed a second charge loan of £2.56m at 65% gross LTV on a grade two listed country estate.
The client was under pressure to redeem the current loan facility with another lender, to allow further time to work with the local planning authority to approve major improvement works to the property.
George Petrou, head of underwriting at Century Capital, said: “We agreed credit backed terms within hours of receiving the enquiry, obtained a valuation in the space of a few days and work closely with solicitors in order to understand the complex characteristics of the loan.
“A senior underwriter visited the site as soon as terms were issued, and therefore Century Capital had quickly become comfortable with the complexity of the proposal in order to deliver exactly what the client had requested.”
In addition, Century Capital completed a loan facility of £1.2m for a senior financial services director to ensure the completion of a new build luxury home in Berkshire.
The client had invested a large sum of private funds in order to complete the build of the luxury property, requiring Century Capital to be able to replenish the funds contributed to the completion works of the build.
Petrou added: “The security was weeks away from being completed and therefore lacked the necessary new build warranties required by the majority of lenders.
“Despite this, Century quickly stepped in and completed the deal using a common-sense approach.
“The quick turnaround of this facility will enable the client time to complete the construction of the luxury home while providing the replenishment of the funds required and the borrower was extremely happy with the great speed in which Century Capital was able to execute this complex transaction.”