£2.1 million gross facility
Borrower is a partner in a high-end housebuilder
Loan to facilitate the development of a substantial detached property in leafy Surrey.
Century Capital have successfully completed a £2.1M development facility for a senior partner in a major high-end housebuilder. This will facilitate the development of a substantial detached property in leafy Surrey.
The deal was introduced to Century Capital by Julian King from Arc & Co. Julian was instrumental in bringing the transaction to completion, overcoming substantial legal and planning hurdles to ensure the timely conclusion of the facility.
The client had acquired the property some two years prior, during which time he had worked up an impressive planning consent, and now required funds to repay an existing mortgage and commence the ambitious development, with funds being released in several tranches over an eight-month build period, in conjunction with reports from the instructed QS.
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 was 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.”
With the assistance of Century Capital, the borrower will now be able to take full advantage of the increased demand for large family residences, located within striking distance of central London, which has been fuelled by the COVID19 pandemic.
Luke Navin, Head of Lending 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.
The Century Capital is fully open for business and has continued to lend without interruption over the last 12 months. With a strong lending appetite and a growing team, Century continues to provide market-leading bridging finance with unrivaled levels of service and pride ourselves on timely and efficient delivery, even in the face of unprecedented uncertainty. Get in touch today.