Enness Global has arranged a £2 million bridging loan secured against a residential property valued at approximately £4 million.
The client, who had recently retired, needed to repay an expired private bank mortgage but did not have the regular income required to meet traditional affordability criteria. With the property market moving more slowly, additional time was needed to achieve the property’s full market value on sale.
The short-term loan enabled the client to repay the existing mortgage immediately and avoid a forced sale. Interest was fully rolled up, meaning no monthly payments were required throughout the term of the loan.
The facility will be repaid from the proceeds of the eventual property sale. With no early repayment charges, the client retains the flexibility to complete the sale at the right time and achieve the best possible outcome.
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