West One agrees £1m deal
The cutting edge four-storey property is made entirely from a glass and steel frame and was at first fix stage having been entirely funded by the borrower.
West One agreed to supply funding for completing the development, on the basis of a first tranche of £500,000 on an LTV of 38% and additional draw-downs as needed subject to re-inspection of the property.
Duncan Kreeger, director of West One, said: “This was a borrower looking for some creative thinking to fund the completion of his project.
“Up to this point he had used his own funds to design, plan and construct the property up to watertight stage.
“For us, it was simply a case of designing a deal that suited both parties; Putney is an excellent area, the property looks stunning and the LTV was very attractive.
“We built in draw-downs so the client would avoid paying interest on money he was not going to need yet.”
The luxury property is expected to be completed within the next 5 months.