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Financial Services 
Financial Services
Financial Services
The borrowers constituted a joint venture partnership between an experienced property developer (UK national) and Singaporean national, the latter of whom was providing the majority of the capital, buying via a limited company registered in the Isle of Man.
The clients were looking to buy a semidetached house and adjacent coffee shop in West London for £900,000, with a view to demolishing the coffee shop and extending the house to create six flats with an anticipated end value of £2,800,000.
The Singaporean national was unable to come to the UK to sign any documents, so a lender who was comfortable with the borrower instructing a firm of solicitors with offices in both Singapore and the UK, and lending to an Isle of Man registered company was required.
A short-term facility of £600,000 was arranged to enable them to complete the purchase; this was then converted to a 12 month development facility of £1,575,000 to be released in five stages once planning consent had been granted.
The works took 9 months, after which the clients sold half of the units and retained the others as rental investments. retained the others as rental investments.
At SG Financial Services we are ideally placed to provide a fully integrated service to both private clients and businesses. Please contact us for all your financial advice needs.
Disclaimer: This information is general in nature and does not constitute legal, tax or investment advice.
SG Financial Services is the trading name of Simmons Gainsford Financial Services Limited an appointed representative of Vintage Wealth Management Limited which is authorised and regulated by the Financial Conduct Authority under FCA number 593380. Based in London’s West End, the company offers a wide ranging service to clients in both the individual and corporate markets.