Enness Global has structured a two-lender capital raise for a UK family looking to fund the purchase and refurbishment of a residential property.
The proposed structure combined a remortgage of the family’s main residence to release a lump sum with a staged drawdown facility secured against a buy-to-let property.
Using two lenders allowed the borrowing to be structured around the individual properties and funding requirements, while refurbishment finance could be released as work progressed rather than being drawn in full at the outset.
The lenders assessed the family’s rental income, property values, existing borrowing and overall portfolio leverage. The facilities remain subject to status, valuation, credit approval, lender criteria and legal due diligence.
Toby Johncox, Group Managing Director at Enness Global, said the structure demonstrated that using separate lenders can allow different parts of a capital raise to be matched to the relevant asset and funding timetable.
Read the full article here: Enness Global Structures Two-Lender Capital Raise Across Property Portfolio
