Century Capital has announced the completion of a £3m first charge loan to an offshore company based in the British Virgin Islands.

The loan, for investment purposes, was secured at 20% LTV on a £15m property in Mayfair. The proposed loan term is 12 months, with the lender retaining six months’ interest at the outset.

The London-based bridging lender said the exit is already agreed, with the buyer due to refinance with a major global bank in order to completely redevelop the property. Full planning permission is in place for the house to be transformed into a £40m luxury single residence.

Century Capital successfully completed the deal in four days.

The overseas company’s multi-layered management and ownership structure, and confirmation of its funding, were vetted by the London law firm Brecher, in conjunction with specialist legal advice from the British Virgin Islands.

Century Capital approved the loan after securing multiple signatories and ultimately took a debenture over the company without the need for a personal guarantee.

Paul Munford (pictured), CEO of Century Capital, said: “In itself, a £3m bridging loan is fairly routine but to turn one around in just four working days where the borrower is an offshore company is far less so.

“With both timing and liquidity crucial to the buyer, this was the kind of highly bespoke loan Century Capital thrives on and is proof that when everyone involved in the process – solicitor, client and lender alike — are 100% committed, finance can be arranged in exceptionally short timeframes for even the most complex client requirements.”

Redmond Byrne, partner at Brecher Solicitors, added: “Working for such a progressive, commercially focused lender ensured the deal could close quickly. We worked to an extremely tight schedule to ensure completion happened before Christmas with drawdown achieved to meet our client’s timing.”