Bridging lender Century Capital has revealed that it broke all previous records by completing on four substantial loans in a single day.
Within a couple of hours on Friday 20 November, the London-based lender had transferred almost £3.5m to four borrowers. One loan was delivered only three days after the client’s application was received, and the longest taking only a fortnight.
The completions included two first charge bridges for refurbishment purposes on homes in London – a £1.5m loan secured on an unmodernised house in Putney valued at £2.5m, and a £470,000 loan on a Victorian terrace in Stockwell, valued at £650,000.
Century Capital also provided a £870,000 first charge bridge to the owner of a £2m home in Kentish Town who needed an urgent cash injection, and a £500,000 second charge loan to the owner of a substantial £6.5m home in Hampstead. The borrower in this case was an international oil trader who required the funds at short notice for an investment opportunity.
The successful completion of the deals followed a period of extensive due diligence, with Century Capital’s head of lending Nick Hilton working into the early hours three nights in a row to get the loans approved.
Paul Munford, CEO, Century Capital, said: “To complete on four loans in under a fortnight and on the same day is what bridging finance is all about. Each member of our lending team has an average of more than 15 years’ experience and a commonsense, equity-focused approach to lending, and it really showed through on this occasion.
“Century Capital is about getting things done – and our practical, open-all-hours approach has helped us to build a lean and efficient due diligence process and resulted in a healthy pipeline of deals into the New Year.”