Central Bridging has completed a £1.8m bridging loan in nine working days for a non-domiciled, non-resident client.
The borrower owns an investment property in Mayfair, a top floor apartment in his own name valued at £3.5m. By the time the enquiry from a London broker reached Central Bridging, the mortgagee, an overseas bank, had already threatened to instruct an LPAR Receiver due to mounting arrears. The client required £1.7m to halt the actions being taken by his lender and redeem his mortgage.
Central’s loan of £1.8m has been secured against the Mayfair apartment at a rate of 0.95% pcm over a period of 12 months with an LTV of 51.5%.
A valuation was obtained within six days of first contact and during this period the client flew to the UK to complete a full due diligence pack and take full independent legal advice with his own London solicitors.
The loan will be repaid by the sale of other properties in the clients UK portfolio enabling him to retain the security property.
Brian West (pictured), director at Central Bridging, said: “I keep reading about a depressed high end London market but this simply doesn’t tally with our own experiences in recent months.
“We have assisted a number of overseas investors with Zone 1 property purchases and in this instance resolved a serious problem for an investor who found himself in temporary difficulties.
“Our underwriting team and lawyers have the required expertise and commercial acumen to turn overseas investor deals around as quickly as any lender out there.”