It is always a pleasure to work with clients who are returning to Enness after a positive experience. I was recently able to assist a client who had previously used Enness Mortgages to arrange finance for his residential property.
After reading an article in our weekly newsletter, he now had a commercial finance enquiry which he wondered if he could assist with. Originally, my client enquired about an unsecured loan for his business. However, it transpired he already had a loan with the lender I was considering, and they were not open to extending his facility with them.
Fortunately, after reviewing his assets, I was able to suggest another commercial finance solution. My client had a commercial property with low gearing, so I proposed that we attempt to secure more money against this asset. He bought the property several years ago for £1.2million, and it was now worth approximately £1.5million.
His current lender, a high-street bank, also did not wish to extend his facility. Although he had been running a successful business for many years, he had shown a loss in the last year as he had lost an NHS cleaning contract due to government cuts. Furthermore, this lender has a preference for taking on new business over extending existing facilities. This was incredibly frustrating; it was the first time he had shown a loss for many years, having been running his business for over 25 years.
I, therefore, approached another lender, and they were willing to extend his mortgage from £700,000 to £1million. As his property had increased in value, this still created a low loan to value, so I was able to secure a favourable interest rate.
Clients sometimes approach us with a solution in mind, only to discover that this is not suitable for a variety of reasons. However, when this occurs, we will always endeavour to work creatively to find another solution—this case is a fantastic example of this.
We are delighted to present the Global High Net Worth Mortgage Guide which takes an in-depth look at the world of international mortgage finance in luxury property markets around the world. The guide covers local regulations, access to funding, how to secure the most competitive terms and much more.
Our bespoke approach to mortgage funding is second to none, covering residential, commercial, development and international property acquisitions. Real-life case studies highlight how we approach complex funding requirements which often demand a bespoke funding structure.DOWNLOAD PDF