An unusual property with an unusual purpose
Our borrower company owns a stunning 18th Century home with a Greco-Palladian frontage. To the uninitiated, Palladian architecture is a European style of architecture inspired by the designs of 16th Century Venetian architect Andrea Palladio. Palladio’s work was strongly based on the symmetry, perspective and values of the formal classical temples of the Ancient Greeks and Romans. A good example of the style developed in the UK is the frontage of the church of St Martin-in-the-Fields in Trafalgar Square.
Our borrower had undertaken significant restoration and refurbishment works to the building, the structural elements of which had been completed. Funds were now required to complete the works and repay existing borrowings. Once the works are completed, our borrower intends to use the property as a beautiful wedding venue.
The unusual nature of the property made for a very interesting valuation report. The extent and quality of the refurbishment works carried out to date were apparent, as was the suitability and desirability of the property as an outstanding wedding venue.
United Trust Bank agreed the loan with a second charge over the shareholder’s main residence as additional security. The borrower company intends to repay the loan either by refinancing the principal security or the sale of the shareholder’s residence.
Loan Amount: £943,100