Key Figures:
- Client: Dual national
- Property value: £18,000,000
- Property type: 6 bed, 6 bath house neighbouring Harrods
- Property ownership: Personal name
- Loan: £10,175,000
- LTV: 56%
- Product: 24-month term, 3% + SONIA, £5M AUM with Lombard facility
In this case, our client required assistance to resolve their issue with releasing equity from their private residence. The client owned a property in prime central London valued at £18,000,000, yet struggled to locate a lender willing to grant equity release due to limited income, which raised serviceability issues.
The client’s goal was to free up equity in order to invest in the stock market and earn a profit that would enhance liquidity. However, their search for a mortgage at this time had not yet succeeded, and the only option presented to them was an expensive bridge loan.
Enness has established ties with all the leading private banks in the UK, so we chose a bank that was the ideal fit for our customer. The bank comprehensively reviewed the client's previous and present financial circumstances and determined that they were an experienced investor with an extensive background in senior banking positions.
The bank granted a 24-month loan (to extend) at a rate of 3% above SONIA and a 55% LTV. The client also had a flexible Lombard drawdown facility should they wish to utilise this. An investment portfolio was built with the money raised, and the client would have direct trading access to it.
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