The London-based lender revealed the loan, which had a proposed term of 12 months, was secured at 20% LTV on a £15m property in Mayfair with Century Capital retaining six month’s interest from the outset.
The exit has already been agreed and the buyer is due to refinance with a major global bank in order to redevelop the house into a £40m luxury single residence.
Paul Munford, CEO of Century Capital, said a £3m bridging loan is usually fairly routine, but to turn it around for an offshore borrower in just four working days was far more complicated.
“With both timing and liquidity crucial to the buyer, this was the kind of highly bespoke loan Century Capital thrives on,” said Paul.
“It is proof that when everyone involved in the process – solicitor, client and lender alike — are 100% committed, finance can be arranged in exceptionally short timeframes for even the most complex client requirements.”
London law firm Brecher fully vetted the offshore company’s multi-layered management and ownership structure as well as confirmation of its funding.
“Working for such a progressive, commercially focused lender ensured the deal could close quickly,” said Redmond Byrne, Partner at Brecher Solicitors.
“We worked to an extremely tight schedule to ensure completion happened before Christmas with drawdown achieved to meet our client’s timing.”
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