Arc & Co. is please to have completed on a £1.3m bridging loan with Century Capital.
Background
Our Private Finance team was instructed by a Russian family, who due to poor advice from another source had defaulted on their loans 8 months prior, without a reasonable exit strategy during the pandemic period. The clients were retired, spoke limited English and had a poor credit score which meant they had struggled to find someone to assist them and most lenders were not able to offer the high level of gearing required. Their needs were also not straightforward as the financing was secured on land with three separate dwellings, each let on separate leases. The main aim was to save these main income producing assets and save the client from losing their investment.
Solution
We agreed a reduction of the 8 month default rate to an 8 month standard rate. The lender, Century Capital, agreed to refinance 72% LTV from a 180 day marketing value.
For any further information, please contact:
Nikita Nigai
Financial Advisor
T: +44 (0) 78 3321 1190