One of our trusted introducers recently referred a client; an ex-professional sportsman with properties in the UK and around Europe, who was looking to refinance and capital raise on one of his holiday properties as the loan term was about to expire.
Having retired from professional sport, my client now had a full time job within a media firm, property portfolio and made regular TV appearances which supplemented his considerable income.
The property in question was a beautiful European villa worth around €2.5million, and as the term was due to expire soon he needed to refinance the property and capital raise, looking for a total loan of £3.4million.
Unfortunately, the appetite for lending in the country where the property needed to be refinanced was such that he had been unable to find a lender. With the original loan about to expire, time really was of the essence in this case and I had to find a solution quickly.
Dissecting my client’s property portfolio, I noticed he had a UK property which still retained plenty of equity, some of which could be released to facilitate the new loan requirements. Indeed, it is this sort of out of the box thinking that really sets Enness apart from other brokerages and allows us to find solutions where others simply cannot.
I approached a lender with whom I have worked many times and maintained an excellent relationship with. After presenting the situation to the lender, they were able to offer very advantageous rates. The bank was able to bypass an expensive valuation process as I could provide a letter from a local estate agent confirming the expected resale value the property and we were, therefore, able to proceed with the process.
Despite the total amount of the loan being a number of times over my client’s income, the lender – a private bank who looks at cases on a case by case basis-looked favourably on my client because of his considerable asset worth and ability to make additional income through media appearances.
I managed to secure the full £3.4million amount on a three-year term fixed at 2.7% with an overdraft facility of £300,000 in case additional liquidity was needed. A prime example of how Enness can deliver exceptional results in the most seemingly complex of cases.