The borrower — a Monaco-based businessman — required the funds to clear an existing £5m bridging loan, with the remainder used for the refurbishment of the flat.
Crystal Specialist Finance worked alongside specialist lender Together, which approved the application following an offshore opinion.
Once completed, the refurbishment should see the property’s value increase from £10m to £12.5m.
“The deal was in an area of strong purchase demand,” said Jo Breeden, managing director at Crystal Specialist Finance (pictured above).
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“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.”
Marc Goldberg, commercial CEO at Together, added: “We have a longstanding 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 [its] client.”