Key Details
- Client: Middle Eastern National
- Property Value: Circa £5m
A Middle Eastern national who had lived in the UK for many years decided to downsize his £5 million main residence in London. Our client sought a short-term financing solution to facilitate the sale of their property while managing their existing financial obligations.
When the time came, our client needed immediate funding while waiting for the property to sell. There were existing structures in place in regards to the property, that were important to the client so needed to remain, and various challenges and complications that we as the client's broker, needed to understand and overcome, in order to provide our client with a viable, cost-saving option.
Due to these challenges and complexities about the property, many lenders would require specific caveats, which the client was uncomfortable with.
Enness was able to find an offshore bridging provider willing to work with the client's unique situation while taking the complex background and structure into consideration. The lender was comfortable offering financing without the need for special terms being imposed on the client, while also offering a highly competitive interest rate, therefore saving the client money compared to the private banking facility they were previously using.
By leveraging our expertise and strong relationships with offshore bridging lenders, we were able to secure the necessary short-term finance, ensuring our clients could continue with their property transactions while effectively managing their existing liabilities. This solution allowed our client to bridge the gap while their property sale progressed, all while benefiting from more favourable terms than their previous banking arrangement.
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