Key Facts:
- Freehold House in Kensington
- Loan amount: £1,500,000
- Security value: £8,500,000
- Margin: 8.49% per annum
- 1.% arrangement fee, 0.5% exit fee
Our experience is our strength. Our team is used to dealing with sophisticated clients who have complex personal situations and unusual financial landscapes.
In this case, we were approached by a UHNW UK based client who wanted to sell his existing £8.5m property in Kensington and purchase another property. The client already had a first charge mortgage with an interest rate of 1.0% per annum and 10 years to run. Since the client was 70 years old, refinancing was not possible. As such, a second charge was used to release funds for the property purchase while the existing Kensington property was updated and sold.
Staying on top of all the players involved in the transaction when the deal is underway is extremely strenuous if you’re operating alone. Enness will get involved in the transaction and keep all parties on schedule, moving towards your goal. You’ll save significant time and won’t need to be constantly handling the granular but hugely important parts of the deal – Enness will keep you informed at every step of the way but will shoulder the workload for you.
Have an informal, no-obligation chat with one of Enness’ brokers who will listen to what you need and ensure a bridging loan is right for you. Your broker will explain your options and the terms and rates Enness will likely be able to negotiate for you. You can ask questions, and Enness will explain some of the risks and benefits of a bridging loan, so you fully understand how this type of financing works. Get in touch today!
Information contained in our case studies is for market and illustrative purposes only. In some cases, these may be made up of multiple cases and are for illustrative purposes only.
Some case studies are made up of enquiries that have come into the business, not all business completes, and the posting of a case study does not represent a completed piece of business.
