Overview
Location: Central London
Loan Type: Bridging Finance
Loan Size: £25m
Loan-to-Value: 55%
The Situation
Our client was an international property investor. He wished to purchase a new property for £ 28.5m, and wished to use his existing property (value of £ 19.125m) that was to be sold, as joint security for the loan.
The Challenge
Our client owned several overseas companies, which owned rights to unrealised natural resources. Whilst the potential value was high, the values were difficult to corroborate, and income for the businesses was non-existent.
The client had exchanged on the new property and needed to complete within a short time-frame, otherwise he risked losing his deposit.
The properties were seen as trophy properties, and it is difficult to get lenders to transact on one property of this value, let alone 2x properties of this size.
The Outcome
We were able to overcome a multitude of issues, and transact in 4 weeks from start to finish, enabling the client to secure the new property.