Central Bridging completed a £1.8m loan in nine working days for a non-domiciled, non-resident client to help clear financial arrears and avoid legal action.
The borrower owns an investment property in Mayfair, a top floor apartment in his own name valued at £3.5m.
By the time the enquiry from a leading London broker reached Central, the mortgagee, an overseas bank, had already threatened to instruct an Law of Property Act Receiver (LPAR) due to mounting arrears.
The client required £1.7m to halt the actions being taken by his lender and redeem his mortgage.
Central’s loan of £1.8m has been secured against the Mayfair apartment at a rate of 0.95% per month over 12 months with a loan-to-value (LTV) of 51.5%.
A valuation was obtained within six days of first contact and during this period the client flew to the UK to complete a full due diligence pack and take full independent legal advice with his own London solicitors.
The loan will be repaid by the sale of other properties in the clients UK portfolio enabling him to retain the security property.
Central Bridging director Brian West (pictured) said he did not recognise reports of a depressed high-end London market.
“We have assisted a number of overseas investors with Zone 1 property purchases and in this instance resolved a serious problem for an investor who found himself in temporary difficulties,” he said.
Meanwhile Oblix Capital provided a £3.1m facility to fund a site acquisition and subsequent development of eight luxury homes just outside Cardiff.
Oblix said it was approached by the broker after another lender could not complete on the funding and there were numerous complexities and tight deadlines.
The 24-month heavy development was funded at 65% LTV with Sirius Property Finance advising on the deal.
Sirius Property Finance senior associate Rob Heywood said: “The biggest worry with challenging cases such as this one is ensuring the borrower’s timeframes and expectations are fully achieved.” He added that the borrower was delighted with the outcome.
Oblix Capital sales director Andy Reid also praised the Sirius team, noting it was a good example of lenders and brokers working together.