The family of steel magnate Sanjeev Gupta has secured a £24.4 million bridging loan against a six-storey Georgian mansion in London’s Belgravia district, according to sources familiar with the deal. The loan, arranged last month by Topland Group, a property investment firm founded by Israeli-born billionaire Sol Zakay, covers an 18-month term and is part of a refinancing of one of the family’s high-value properties.
The Belgravia townhouse on Belgrave Square, purchased by Gupta’s wife, Nicola Gupta, in 2020 for £42 million, is a key asset in the family’s extensive property portfolio spanning the United Kingdom, the United Arab Emirates, and Australia. At the time of acquisition, the Guptas financed the purchase with a mortgage from Barclays’ Swiss private banking division.
Gupta’s business empire, GFG Alliance, has encountered significant troubles since the collapse of Greensill Capital, its primary funder, which triggered a cascade of financial and legal challenges starting in 2021. The industrial group has faced multiple legal claims and regulatory probes worldwide, with the British entrepreneur losing control of several steelmaking businesses through insolvency proceedings.
Sources indicate that Gupta has recently explored the possibility of selling the Belgravia property. Previous reports noted the sale of a smaller villa in Dubai’s Palm Jumeirah for approximately £8.7 million, part of the metals magnate’s holdings in the emirate.
Topland Group has stated that the mortgage was issued to Mrs. Gupta, not Sanjeev Gupta, following standard due diligence processes. The company characterized the property as a "residence at one of Belgravia's most prestigious addresses" and noted that the loan permitted refinancing of an earlier private bank loan for a UAE-based ultra-high-net-worth family.
Short-term bridging loans, such as this one, generally carry higher interest rates than traditional mortgages and are commonly used by borrowers who may find it difficult to obtain standard bank financing. The bridging loan sector has faced increased scrutiny this year, especially following the collapse of Market Financial Solutions, one of the UK’s largest bridging lenders, amid fraud allegations.
The new loan arrangement coincides with an intensification of legal challenges facing Gupta. The Scottish government recently announced legal action against GFG Alliance after identifying allegedly unauthorized transactions at the company’s aluminium smelter in Lochaber. In response, GFG Alliance stated it had complied with all requested undertakings and information demands from the government, emphasizing that the issues do not affect day-to-day operations or employment at the Lochaber smelter or its associated hydropower plant.
A spokesperson for Sanjeev Gupta declined to comment on the refinancing.