Bridging lender sees record completions

Within a couple of hours, the London-based lender had transferred almost £3.5m to four borrowers. The completions came quickly, with one loan delivered only three days after the client’s application was received, and the longest taking only a fortnight.

The completions included two first charge bridges for refurbishment purposes on homes in London – a £1.5m loan secured on an unmodernised house in Putney valued at £2.5m, and a £470k loan on a Victorian terrace in Stockwell, valued at £650k.

Century Capital also provided a £870k first charge bridge to the owner of a £2million home in Kentish Town who needed an urgent cash injection, and a £500k second charge loan to the owner of a substantial £6.5m home in Hampstead. The borrower in this case was an international oil trader who required the funds at short notice for an investment opportunity.

Paul Munford, CEO, Century Capital, commented:
 
“To complete on four loans in under a fortnight and on the same day is what bridging finance is all about. Each member of our lending team has an average of more than 15 years’ experience and a commonsense, equity-focused approach to lending, and it really showed through on this occasion. Century Capital is about getting things done – and our practical, open-all-hours approach has helped us to build a lean and efficient due diligence process and resulted in a healthy pipeline of deals into the New Year.”