- Location: Monaco
- Project GDV: €5,300,000.00
- Gross Loan Amount: £1,040,000.00
- Term: 6 months
- Secured Against: Second ranking fixed charge on property in Monaco
This project first caught the eye of the team at Reditum Capital due to the location and nature of the development. It was a smaller project than usual and was a pleasure to work on. Our client used the loan facility to develop a residential property in Monaco.
About the property:
This is a spacious (110 sqm) 2-bedroom apartment, with spectacular sea views, a terrace, cellar and parking space. It forms part of a luxury residence with concierge. It has easy beach access, yet is just a short stroll to the high fashion boutiques on Boulevard des Moulins and Monaco’s Casino Square.
Reditum Capital’s involvement:
Normally we would take a fixed first charge on such a loan. However, in this case, we tailored a deal that put us at second charge, even though it was outside the UK. Our experience with Monaco and the borrower’s requirements meant that, despite this extra risk, we could take on the project. Working closely together was key to the project’s success and we were delighted to have helped.