- Client: Middle Eastern Resident, holding real estate globally
- Property Value: Above £6,500,000
- Loan Amount: Circa £4,200,000
In this case, Enness was approached by a law firm that had a client residing in the Middle East. The firm saw the potential in a vacant care home and desired to reconfigure, refurbish and re-open it to provide specialist care. However, the client had a complex income structure of a global nature. Therefore, we needed a lender who would be comfortable with this being the sole source of income for all their existing expenditure. It was also essential that we found a lender that was able to cover their new purchase and any additional costs.
The challenge for this case was working against a tight deadline and ensuring that affordability could be evidenced despite the asset's non-income-producing nature. Multiple jurisdictions were also involved, which the lender had to be comfortable with. The client also needed more sector experience to be considered eligible. The client needed to work with a broker and lender who understood the complex, cross-border nature of the enquiry and this specific asset class.
Moving quickly, Enness negotiated a short-term facility with a lender who was comfortable with the client's circumstances and ability to undertake the project successfully. The vendor was expecting tight timelines but we kept them and the agents happy with regular updates and clear significant progress throughout the process. We arranged a fixed finance facility for the term, with a repayment strategy that suited the client's needs and that they were comfortable with over the term of the loan, easing the client's cash flow requirements while works were undertaken. Furthermore, the valuation report came back lower than expected. However, Enness negotiated with the lender and kept the loan amount the same.
Enness has access to hundreds of lenders and can present the best possible terms to our clients. We have a presence in Dubai and can, therefore, better understand all the nuances of Middle Eastern clients. We specialise in dealing with ultra-high-net-worth individuals and can quickly understand the client profile and requirements.
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.
