JR Capital passes £1.5Billion mark for residential loans closed
We are pleased to say that 2017 proved to be another record year for JR Capital on the Private Client desk, placing over £150m of residential loans last year, predominantly for non-resident, Middle Eastern clients.
The standout deal for the year was a 75% Loan-to-Value mortgage on a £10m+ flat in Chelsea, on a 5 year fixed rate of 2.24%, for a non-domiciled Middle Eastern client.
Other deals included a £7.5m loan for a large apartment in Knightsbridge overlooking Hyde Park, two £4m loans for the purchase of two newly redeveloped properties in Marylebone and a £7.35m facility for the development of a freehold house overlooking Belgrave Square, one of London’s most iconic residences.
Despite an understandably slower start to 2018, on the back of a sluggish Central London residential market and continued global political uncertainty, we remain active. The Private Client desk has already assisted with an equity release on a Central London apartment for a member of the Saudi Royal family, through a Middle Eastern Bank with offices in London, as well as the remortgaging of 2 properties on the corner of Eaton Square valued at circa £20m. This year also holds a fruitful and diverse pipeline for JR Capital, with lending proposals for properties in London, Ibiza, St Tropez and the Costwolds, all sitting in final stages.
Loan-to-Value ratios remain strong from UK Banks and with the ability to find substantial discounts on new build developments in Central London due to current market conditions, coupled with a weak sterling and low interest rates, it makes it an attractive time for both foreign investors and end users looking to gain a foothold in the UK real estate market.
Our Private Client desk assists with the acquisition, structuring, financing and subsequent management of residential and commercial property across the capital and other parts of the UK and mainland Europe, and is a core part of the business’s offering.
Led by Philip Carrol and Tom Waycott the team has placed over £1.5Billion of residential loans for our private clients since the business started in 2005.