The bridging lender released £3m in bridging finance to assist a borrower in the purchase of a £4.55m residential property in Knightsbridge, London.
The borrower intends to be able to let the property on the Princes Gate Mews over the Olympic games while planning permission is granted and long term development funding negotiated.
On the basis that planning is forthcoming, the client will turn the property into a luxury home including a gym, sauna, steam room and potentially a swimming pool.
The client anticipates a resale value of the property when complete of around £10m to £12m.
A spokesman at Fincorp said: “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.”
