The bridging lender was able to assist the borrower in buying a £4.55m home in London's illustrious Knightsbridge borough by releasing bridging finance to the tune of £3m.
The deal meant the borrower was able to secure the property in time for the run up to London 2012. With the capital hosting the Olympics games an estimated 600,000 people are expected to descend upon London – many of whom will be looking for accommodation.
The borrower will be able to let the property, situated on the stylish Princes Gate Mews, while planning permission is granted and long term development funding negotiated. In time it will be turned into a dream pad with all the fabulous features you would expect from a multi-million pound property including a gym, sauna, steam room and potentially a swimming pool.
On the basis that planning is forthcoming, the client anticipates a resale value of the property when complete of around £10 - £12 million.
Despite the huge sums of money involved Fincorp was able to turn around the deal quickly and efficiently - with no stress or strain on the client. And the ‘No-fees’ mantra, which the lender lives by, meant the client saved a hefty sum. The lender and client are already in talks for further deals – meaning everyone's a winner – now let's hope our athletes are too!
Fincorp specialises in residential property loans, primarily in London and the South East. It can lend anything from £150,000 to £5,000,000, with no minimum or maximum period and loans up to 70% of the property value, secured on the property.
