At a corporate function recently, a colleague was introduced to a property developer who was looking to refinance an existing loan due to his increasing frustration with his current terms. My colleague knew I had a wealth of experience in this area and immediately put him in contact with me. My client specialised in luxury developments and required refinance on two very promising investment properties with a combined value of £15million, both located in prime central London. His current loan amount was £7million but my client needed an extra £2million worth of funds for his refinance of luxury London developments.
Due to the nature of my client’s industry, he had a high level of borrowing which stemmed from his developments and not too many liquid assets. Again, due to my client’s industry, his income was not consistent and was highly dependent on the sale of future developments.
With lenders, high levels of outstanding borrowing and an inconsistent income are often prohibitive factors to loan acquisition, so choosing a lender who could facilitate my client’s needs would require careful thought.
Fortunately, at Enness, our pool of lenders is unusually large; over 10 years, our relationships with a vast array of lenders has been maintained and nurtured meaning that we are able to source the most bespoke solution for our individual clients. This situation was no different and I immediately had a lender in mind, an established London based private bank whose services I have used before.
This private bank is known for taking a holistic approach to cases on an individual basis and after I had explained my client’s situation they were more than happy to help.
The bank offered exceptionally good terms to my client which met the required amount in full. The amount was split in two between a mortgage and overdraft which granted my client a far greater degree of flexibility at a very reasonable rate of 3.5%, meaning his refinance of luxury London developments good go ahead.
My client was delighted with the result and looks forward to working with us in the future.