Century Capital has structured a new £9 million gross facility for a borrower, providing refinancing of £7 million existing debt, and a further £2 million of hybrid development finance/ equity release to fund a full internal renovation of the Belgravia Townhouse over a period of 18 months.
The lender said the property is a one of the most significant homes in Belgravia consisting of the large freehold townhouse and accompanying leasehold mews house.
This is Century Capital’s largest deal to date.
Paul Munford (pictured), 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 is under two weeks which is testament to how Century Capital go above and beyond for our borrowers.”
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 £25 million.
Luke Navin, head of lending at Century, added: “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 18-month facility for the borrower in just under two weeks, a testament to our amazing team who went above and beyond to close this transaction.”