Sam Beaumont, advisor at Arc & Co., has completed a £910,000 development exit loan secured on a newly refurbished property in Notting Hill.
The facility is at 70% LTV for 12 months, with interest retained at 0.79% pcm. The transaction was completed in less than two months.
Due to the borrowers currently being based in Sri Lanka and Australia, respectively, legal undertakings were complex and a signing process involving witnesses on video was required in order to satisfy the lender’s requirements.
The client, who has multiple business interests and a small property portfolio, was seeking to release equity for cashflow purposes. Their incumbent bank would not facilitate the release of equity from assets, which led Sam to explore a flexible solution via a specialist property lender.
Sam commented:
“The client has a prolific venture capital business, and operations across the UK, Sri Lanka and Australia. The fact that they were abroad during the process meant that we needed to expertly handle the legal aspects which were myriad and complex.
“It is in these sorts of circumstances that it helps immensely to work with counterparties that understand the nature of bridging and the need for speed, in spite of the hurdles.”