Arc & Co. have completed a £2.1m residential refurbishment bridging loan to modernise a forgotten 7,000 sqft prime residential property back to its former glory.
Key figures:
Loan amount £2.1m
Leverage 65% LTV
Interest 1%pcm
Term 12 months
Located in 8 acres of prime Surrey Countryside, the property is in need of modernisation and has a Gross Development Value of £5m. The transaction was a challenging one with multiple titles and unregistered parcels of land causing issues within the conveyancing process. Given the nature of the asset itself and its high single asset value, finding a suitable funding partner was difficult.
The initial loan is set against 65% LTV which decreases as the work unfolds on site. At practical completion, the LTV will fall to 42% which was one of the contributing factors in the success of funding this project.
“I’m hugely grateful to both Luke Navin and John Wheeler for their diligent, patient and flexible approach in supporting the funding of this unique property. Their knowledge in this sector enabled them to provide the solution my client was looking for and enable an immediate start on site.” - Julian King, Asset Finance Advisor at Arc & Co.
“We were delighted to get this complex loan over the line. Julian King from Arc & Co. was on top of the deal from start to finish, from the initial site visit, to the myriad of complex legal and planning issues, with his dedication to the deal ensuring a quick and easy completion for his client.” - Luke Navin, Head of Lending at Century Capital
For any further information, please contact:
Julian King
Asset Finance Advisor
E: julian@arcandco.com
T: +44 (0) 20 3205 2190