Century Capital have shown strength and resilience in uncertain times by completing three new deals totalling £13.7million. Century provided short term finance last week for a diverse range of prime residential properties across Central London and the Home Counties.
Buckinghamshire grand country mansion
The first loan was a second charge bridging loan for a substantial prime residential property in Buckinghamshire of £1.7m. The beautiful mansion belongs to a prominent UK businessman and the facility was required to temporarily support several businesses during the COVID-19 crisis. Century were on-hand to structure the 63% LTV loan in a matter of days, meeting the deadline for the borrower and leaving a satisfied customer.
Rock and roll town house
The second deal was a revolving credit facility on a highly contemporary prime London house for a City of London trader. The property in question was a superb, trendy town house situated in a very desirable area of prime central London. The client was let down by a lender who could no longer fund the loan as a result of COVID-19. Century Capital stepped in to organise the facility quickly and structured the deal at a higher loan to value to satisfy the borrowers requirements.
Bending over backwards for a foreign national
The third deal was for a foreign national looking to borrow in the UK. With little track record and few connections in the UK, it was unlikely the borrower could secure finance, particularly in the current lending market. After strict due diligence on the borrower and the underlying asset, Century were able to structure a complex £5.5m facility on the exquisitely designed property at an exclusive address in super prime central London. Century were able to structure the loan flexibly and in record time where most lenders would have retracted or rejected the deal completely.
What we had to say about it…
Paul Munford, CEO, said: “Century Capital is currently still very keen to continue to lend, despite turbulence in the market caused by the COVID-19 outbreak. We have had a strong March and we are committed to providing competitive terms for our clients while continuing to lend throughout this challenging time. Our underwriting remains rock solid and our customer service, first class. We appreciate the support from both new and existing brokers and introducers, and we hope to continue exceeding expectations in the short-term finance arena.”
Luke Navin, Head of Lending, said: “These deals are a result of our strong relationships with our brokers and introducers and allow us to remain solutions-based and customer focused even in these challenging times. It is more important now than ever that we remain open for business and are on hand to support brokers and borrowers in an otherwise chaotic climate. Our flexible, yet established business structure, allows us to structure our products for our loyal customer base.”
Turbulent times, business continues
The Century Capital office continues to operate as normal with the exception of face to face meetings. The team will be available by phone, email and video conferencing and will continue to provide market leading finance across the real estate sector with unrivalled levels of service. For more information, please contact a member of the team for further information.