£9million gross facility
Wealthy USA based UHNWI
Funding for the refinancing of a £25million Belgravia Townhouse
London, UK [20.11.20]. Century Capital has completed its largest deal to date with all the odds stacked against them. The latest transaction, taking place during a global pandemic and in the midst of the US election, demonstrates the determination and resilience of Century Capital to overcome the challenges of doing business in the current climate.
Paul Munford, CEO of Century Capital, said: “We were very pleased to make this deal work for our US-based borrower. We have worked with this borrower on several transactions; however, this particular transatlantic deal took place during the pandemic with completion on November 5th just as the US was at the height of the election chaos. We managed to complete the deal in under two weeks which is a testament to how Century Capital goes above and beyond for our borrowers.”
Century structured a new £9m gross facility for the borrower, providing refinancing of £7million existing debt, and a further £2million of hybrid development finance/ equity release to fund a full internal renovation of the Belgravia Townhouse over a period of 18months. The property is one of the most significant homes in Belgravia consisting of the large freehold townhouse and accompanying leasehold mews house.
The borrower, an established client of Century, has substantial assets and financial reserves, however had no provable annual income and no UK presence, other than this asset, making regular private bank financing challenging. The value of the property once the renovations are complete will be in excess of £25million.
Luke Navin, Head of Lending at Century said: “This was a fantastic deal for Century as it demonstrated our ability to structure complex deals under serious time constraints and is testament to the strong relationships we maintain with our borrowers. We structured this 18month facility for the borrower in just under two weeks, a testament to our amazing team who went above and beyond to close this transaction.”
The Century Capital team is available by phone and email and will continue to provide market-leading finance across the real estate sector with unrivaled levels of service. For more information, please contact a member of the team.