It was extremely satisfying to help our new client KwaKwa Property secure a property in Croydon despite a myriad of complications.

First issue was the property had been converted into a 2 bed flat without freeholder consent. The freeholder had agreed to the alterations but was subsequently admitted to hospital for an extended stay.

Second issue was that client had already exchanged and been let down by another lender thus a lot of time had been wasted.

Third issue was the notice was served by the vendor to pull out.

This is the third time this year we’ve helped a client where they have entered the notice period.  It makes for an intense application but certainly focuses the mind of all parties involved.

We worked quickly & diligently to secure a funding offer and and proceeded quickly with legal work and retype of existing val report.

With a day to spare we were able to complete on the Friday providing the client with a much less stressful weekend than he was anticipating.

A new client for Castlehill Capital called Cosmin Construction completed a £454,000 facility this morning.

The funds will be used to fund the acquisition of a site in Billinghurst which has planning consent for a new bungalow.  The loan enables the client to wait for the sale of their recently completed property (pictured) without missing out on the new site.

Security was taken over the finished property at Bexhill valued at £600,000.

This short term bridge loan was the perfect fit for the borrower’s situation which required a quick release of equity.

We look forward to seeing the new project take shape at the Billinghurst site.

It seems worth posting that we have seen a large increase in enquiries relating to transactions in the care home sector.  Castlehill Capital has been approached to provide both debt & equity into purchase and also development projects within the sector.

It’s been great to get involved and says yes to some of these opportunities – although it must be noted that we decline more than we accept.

Main considerations are borrower experience in the sector or any potential exit that is lined up.

Its would be difficult to get comfortable providing equity to a borrower with no previous experience in the sector – ideally we’d like to see at least one previous project built or managed prior to us getting involved.

Alternatively, where there is a strong exit lined up then that will go some distance in mitigation any shortfall in experience.

Everybody knows we need more care homes so very happy to be involved in this sector.

Castlehill Capital have been mandated to refinance the existing JV structure of a Hyth House in Hammersmith.

The property is 60,000 sq ft and has recently been upgraded.  The existing JV partnership has run its course and now one of the partners wishes to retain the property within its own portfolio.

Castlehill Capital will provide £25m to buy out the other partners.

 

Castlehill Capital were delighted to assist our client with securing CBILS funding for one of their B2L properties.

The government backed funding helped refinance one of the properties in their portfolio onto a non interest bearing loan for 12 months.  This provided breathing space to get the property finished and rented out before securing a sale or refinance with high street lender.

The CBILS deadline was fast approaching so we needed to work quickly with the CBILS appointed lender and the borrower’s legal team.