Key Figures
- Client: Emirati National and Resident
- Property Value: Circa £3,000,000 GDV
- Product: 12 Month Bridge Loan
In this case, our client owned a property worth circa £3,000,000 GDV in its uninhabitable state. The property was preparing for a complete renovation project. The client, who is based in the Middle East and has most of their funds overseas, wanted to refrain from liquidating investments to fund this project. Thankfully, the client was introduced to Enness, and we were able to help him achieve this outcome.
Enness's meticulous approach to property evaluation was key in this case. Our valuer, over a few months, carefully assessed the property, determining its current 'residual value'. This ensured the client received the most accurate loan amount, a testament to Enness's commitment to securing the best possible outcome for our clients.
Initially, the lender was hesitant due to the client’s lack of experience in property renovation projects. However, Enness ensured the lender was comfortable as we emphasised that the client had a good contractor and sought proper advice from planning consultants, architects, etc. The lender could lend a considerable amount of the total value to the client quickly. Furthermore, we were also able to source an attractive rate for the client. Overall, the client was pleased with the outcome as none of their background assets were disturbed, and they could focus on expanding their UK property portfolio.
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