Key Details
- Property Location: London
- Loan Amount: Circa £5M
- Property Value: Circa £11.5M
- Interest Rate: Competitive
In this case, the client owned a property in London valued at approximately £11.5 million and was looking to raise additional equity while the property was on the market. The client was a retired HNW individual, and most of their wealth was tied to the property. While there was already an existing equity release/lifetime mortgage facility on the property, but the client was unable to secure more funds. Enness needed to find a solution that would take this facility out and raise the additional capital on a short-term basis, allowing the client to sell the property freely without any redemption penalties.
The main challenge that Enness faced was to provide a solution that allowed the client to release additional equity on a short-term basis while stimulatenously taking out the exisiting equity release/lifetime mortgage. This would enable the client to sell the propery freely without facing redemption penalties or restrictions from the exisiting facility.
Despite the relatively straightforward underwriting process, an issue arose about one week before completion when an unexpected obstacle was encountered. Leveraging our expertise, we knew that this delay would have mitigated the point of a bridging finance solution. Leveraging our expertise, we recognised that the issue could be resolved by mitigating the lender’s perceived risk. Ultimately, we could complete the transaction promptly, not pushing back and allowing us to secure a circa £5M loan at a competitive interest rate.
Enness collaborates with hundreds of leading lenders to deliver the most tailored financing solutions for our high-net-worth clients. These partnerships ensure we maintain access to the best lenders on the market while providing them with high-quality, well-matched enquiries from our diverse portfolio. Contact us today to see if we can assist you with your financing needs.
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