£8.2 million UK bridging loan for offshore BVI limited company in Kensington, London
Location: Kensington, London
Loan Amount: £8,200,000
Finance Category: Development Finance
Our client was a British Virgin Islands Ltd company held in trust to a QROPS.
The property was a property in W8 which had been reduced to a shell.
The client had funds for the refurbishment works but the current lender was calling in their loan as they had not agreed to the works taking place.
We needed an urgent bridge on a property that was uninhabitable and owned in the name of an offshore entity.
The property was valued at £12m, and our clients needed a loan of £8m. The property would be sold post-works.
Since the crash of 2008/9, many lenders have pulled away from high-value units in central London.
Although these units sell, they do take longer and a bridging loan is short-term lending and so we had to be sure there was demand for the finished property.
Working with agents, we were able to demonstrate two serious buyers for the property, post-works.
The added complication of the ownership structure meant we needed a lender experienced with complex ownership structures.
Fox Davidson secured finance at 1.1% per month for a term of 12 months.
The works were completed on time and our client went on to sell the property several months later to one of the buyers we identified at the outset.
Fox Davidson is an award-winning team of property finance consultants. To discuss your property funding requirements, please email email@example.com or call us on 0117 989 7950.
Director & Property Finance Consultant
About: Wesley has been in the industry for 20 years and has a wealth of knowledge in all areas of property finance. His real passion is working with property developers on the funding of development sites. His work ethos is to constantly gain more knowledge in order to better himself and offer more to clients and to be contactable at all times, this sets him apart from his peers.
Favourite Film: Last of the Mohicans
Quote: “In complete darkness we are all the same, it is only our knowledge and wisdom that separates us. Don’t let your eyes deceive you.” – Fat Controller