Arc & Co., a specialist in property financing, has successfully arranged a £1.6m second charge bridging loan for a developer’s high-value asset in Wentworth. The property, initially valued at £19m, saw its gross development value (GDV) rise to £24.5 million during the loan term.
The loan, provided by Glenhawk, represented 51% of the GDV and was priced at 1.3% per calendar month for an eight-month term. This arrangement was facilitated by the relatively low combined loan-to-value (LTV) ratio, allowing Glenhawk to advance the second charge bridging loan.
Andrew Robinson, CEO of Arc & Co. and lead broker on the case, shared his insights: “It’s notoriously difficult to place a second charge behind a bridging lender, never mind with the added complexity of this being a prime single asset.
“Glenhawk took a commercial approach to this case, and we managed to match the term length of both loans so that they redeem together—streamlining the client’s overall debt package.”
Nick Hilton, managing director at Glenhawk, highlighted the longstanding collaboration with Arc & Co.: “Collaborating with Arc & Co. for nearly a decade, on multiple finance deals, is testament to their unrivalled expertise in the prime real estate market.
“For this loan, we navigated a dual charge structure, optimising flexibility and precision for an evolving property project.
“This strategic approach has resulted in a £6m increase in the properties GDV and an imminent sale (subject to contract) for the client.”
