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Century Capital Completes Ambitious Development Loan 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.
Julian King, from Arc & Co, introduced the deal to Century Capital. Julian was instrumental in completing the transaction, overcoming substantial legal and planning hurdles to ensure the timely conclusion of the facility.
The client had acquired the property two years prior, during which he had organised an impressive planning consent. He now required funds to repay an existing mortgage, and commence the ambitious development. His funds were released in several tranches over an eight-month build period, in conjunction with reports from the instructed QS.
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.
Paul Munford
CEO at Century
With assistance from Century Capital, the borrower will now take full advantage of the increased demand for large family residences. The COVID19 pandemic fuelled this demand, as well as the property’s close proximity to central London.
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.
Luke Navin
Head of Lending
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 unrivalled levels of service. We pride ourselves on timely and efficient delivery, even in the face of unprecedented uncertainty. Get in touch today.
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