Century Complete on Historic Estate in Sussex

• A substantial country estate in Sussex with historical links
• 90% of purchase price with extensive planning gains
• Two prime country development opportunities with complex planning angles

Century Capital continues to lead the way by completing on two prime country development opportunities, with complex planning angles, for an historical country estate in Sussex. The latest transaction, taking place last week, demonstrates the flexibility of Century Capital in the current real estate climate.

An Historic Sussex Country Estate

The first loan was to fund the acquisition of an historic country estate in West Sussex with commercial planning consent. The property was originally owned by a famous 19th-century politician.

Century had lent to this successful property developer on multiple occasions, most recently when they purchased the dilapidated property in Hampshire and attained planning permission, post-exchange, to build a large, modern family home. Century provided the loan last year at 90% of the purchase price. The borrower then invested further equity bringing the final GDV to £3.75m.

This year, the borrower had a rare opportunity to acquire a commercial asset of great provenance in Midhurst. The purchase of this currently commercial use asset was agreed at £1.6m, with a 10% deposit to exchange, with an application for residential planning consent which would bring the valuation to £3m. Timeframes were crucial and the structuring complex.

Century structured a new £1.7m gross loan for the borrower, providing the £1.45m required – being 90% of the purchase price – to complete the new purchase with a year’s interest retained in addition. This was provided as a 2nd charge behind the previous loan on the Hampshire property, and a 1st charge on the commercial asset being purchased. Century’s aggregated position was at £3m on £4.75m of security, with 63% loan to value. Following the granting of planning on the newly acquired asset, this will become £3m on £6m, being 50% loan to value.

The Century Capital team will be 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.