London’s mansion dwellers and their desire for cavernous new basements, subterranean swimming pools and home cinemas are attracting a wave of private lenders as banks stung by the financial crisis shun risk.
Omni Capital, the property-finance company owned by luxury-apartment developer Christian Candy, plans to lend as much as 600 million pounds ($978 million) this year as the U.K. real estate market rebounds.
Christian Candy, the U.K. property developer whose company helped build London’s One Hyde Park complex, bought a penthouse apartment at Manhattan’s Plaza hotel at a 31 percent discount from what its owners initially sought.
U.K. property entrepreneur Christian Candy, who with his brother Nick developed the One Hyde Park project in London, plans to set up a 200 million-pound ($316 million) bridge-loan fund as a first step to creating a bank, the Sunday Telegraph reported, citing Candy.
CPC Group Ltd., the developer owned by Christian Candy, won local-government approval to convert an office building in London’s Knightsbridge neighborhood into a home that’s 16 times the size of a typical U.K. residence.
Central London luxury-home values rose last month by the smallest annual amount since December 2009 on a drop in the Knightsbridge area, site of Christian Candy’s One Hyde Park complex, Knight Frank LLP said.