Crystal Specialist Finance (CSF) has completed a £5.4m rebridge for an expat borrower with Together, to clear an existing £5m bridging loan and pay for a refurbishment of a luxury London apartment.
Once completed, the work should see the value of the Monaco-based businessman’s property rise from £10m to £12.5m.
Jo Breeden, (pictured) managing director of CSF, said: “The deal was in an area of strong purchase demand. The client had a solid exit strategy, and we knew that Together was the right lender to complete such a specialist overseas applicant case to the very tight timescales.”
As the client is an expat and the asset owned by an offshore limited liability company (LLC), CSF worked with specialist lender Together which approved the application following an offshore opinion and provided the funds within 15 days.
Marc Goldberg, commercial chief executive at Together, added: “We have a long-standing relationship with Crystal and were more than happy to look at this latest complex case.
“It was expertly packaged, making it easy for us to take a view on whether we could provide the finance needed. The fact that we were able to make a quick decision meant a great outcome for us, our partners at Crystal and their client.”
CSF operates across six specialist divisions: bridging, buy-to-let mortgages, commercial, development finance, second charge loans and specialist residential.