A prime London mansion is being offered for sale as part of a ‘buy now, pay later’ scheme by specialist ultra-prime developer K10 Group.
Editorial Team | November 22nd 2020
Historic Culross House by K10 Group | Photo Credit Grant Frazer
Specialist ultra-prime developer K10 Group has unveiled and launched K10 CFS (K10: Creative Finance Solutions) a scheme to offer affluent buyers a ‘buy now, pay later’ option on their ultra-luxury property the £30 million Culross House in Mayfair.
The scheme which has been introduced because many of the developer’s clients want to own and move into a super-prime London home but are put off by the large upfront cash requirement and the current lack of lending in the market, so are choosing to rent rather than purchase enables a buyer immediate occupation with just a deposit with the remaining balance to be settled after a five-year deferral period.
Sound to good to be true?
Under the scheme a buyer acquiring Culross House, which has an asking price of £30 million, would pay an upfront minimum payment of £10 million to move into the mansion they would then be required to pay a fee of £15,385 per week to cover occupancy and financing costs, with the balance sum of £20 million payable at the end of the five years. K10 Group have stated that the buyer would benefit from the capital value uplift of the property and should they wish they could also let the property generating additional income.
Kam Babaee, Founder & CEO of K10 Group says: “We have decided to launch K10 CFS and offer clients the opportunity to “buy now pay later” because our clients love the houses but the current state of the financial and lending markets leads them to ask us if they can rent rather than buy. With our new Creative Finance Solutions offer they can now move into the property immediately, benefit from buying it, yet delay payment of the bulk of the purchase price for five years.
K10 Group have also highlight that if the K10 CFS offer is successful then the super-prime developer will look to extend the arrangement and make it available for other properties within their portfolio such as the Doughty House in Richmond a £100million private palace that is currently under construction. Potentially, a buyer could make an upfront payment of £35million for the palace, with a delayed transaction of up to five years, paying a final balance of £65million on the purchase.
For further information on K10 Group and the newly launched K10 CFS (K10: Creative Finance Solutions) offer on Culross House visit: www.k10group.com