Specialist debt advisor Arc & Co. has arranged a new £6 million mortgage from Arbuthnot Latham on behalf of an ultra high new worth (UHNW) individual, with the new loan agreed within just three weeks.
Arrangement of the interest-only mortgage, which has been taken out against the individual’s £10.5 million primary UK residence in North London, was expedited to meet a tight schedule, with Arbuthnot Latham able to utilise previously-conducted searches to underwrite the loan. It was priced at a margin of 2.4% over base rate for a five-year term.
Andrew Robinson, CEO of Arc & Co., said: “Completing a fully-regulated loan of this scale within just three weeks is almost unheard of, with the mortgage finalised over the sort of timescale more usually associated with bridging finance. It was great to work with Arbuthnot Latham, whose nimble approach allowed the facility to be agreed within such a tight schedule.”
Jay Chavda, regulated mortgage and lending advisor at Arbuthnot Latham, added: “Agreeing a mortgage to a tight deadline is entirely dependent on genuine understanding of the asset, the market and absolute trust between all parties. We have a longstanding relationship with both Arc & Co., which enabled the swift closing of the deal, and we look forward to working with them on future opportunities.
Tom Blackmore, senior private banker at Arbuthnot Latham, added: “We always work with clients to approve deals as quickly as possible. Thanks to our excellent working relationship with Arc & Co. and their speed in providing the information we needed, we were able to complete on the deal in just three weeks.”
The Arc & Co. Group is a specialist asset finance advisory company based in St James’s, London. Its three divisions – real estate, marine and aviation – allow it to provide specialist advice across a range of financing solutions, including senior debt, equity, leasing and mortgages.