EXCLUSIVE: Century Capital completes £2.1m development loan in Surrey
Century Capital has completed a £2.1m development facility for a senior partner in a high-end housebuilder, to facilitate the development of a substantial detached property in Surrey.
The client had acquired the property some two years prior, during which time he had gained significant planning consent, and required funds to repay an existing mortgage and commence development, with funds being released in several tranches over an eight-month build period, in conjunction with reports from the instructed QS.
According to Century Capital, the borrower will now be able to take advantage of the increased demand for large family residences located close to central London, fuelled by the COVID-19 pandemic.
The deal was introduced to Century Capital by Julian King from Arc & Co.
Paul Munford, CEO at Century, said: “There was some significant planning complexity in that the planning consent was to be revised part way through the build allowing for further expansion of the dwelling, as well as additional legal and valuation complexity arising from a pre completion title split, and the involvement of a JV partner of the borrower.
“Our experienced team were able to work extensively with both borrower and broker to overcome these issues, taking common sense views where necessary, working around the clock to meet tight deadlines for completion.”
Luke Navin, head of lending at Century, said: “We were delighted to get this complex loan over the line with our trusted partners at Arc & Co. Julian was on top of the deal from start to finish, from the initial site visit, to the myriad of complex legal and planning issues, with his dedication to the deal ensuring a quick and easy completion for his client.
“Julian’s strong relationship with his client, combined with a thorough grasp of the issues at hand, made the process seamless for the borrower.