- Client: UK Nationals/Residents
- Requirement: Refinance of a country estate, repay existing borrowing and release further funds to complete the project
- Property Value: Above £18M
- Loan Amount: Circa £6M
The clients owned a substantial country estate in the South West of England, which had been renovated to an exceptionally high standard. They approached Enness to restructure their existing borrowing and release additional funds to complete the final stages of the extensive renovation. One of the clients had recently started a new business and, while the clients were asset-rich, their current income was relatively limited. This meant the case required a lender capable of assessing their wider net worth and asset position rather than relying solely on conventional income-based affordability.
The estate was intended for sale in the future, so the clients required a substantial short-term facility to repay the existing lender and fund the remaining works. Timing was particularly important, as specialist tradespeople had already been scheduled to complete the project and delays could have resulted in losing their availability.
Given the urgency and complexity of the circumstances, Enness sourced a residential mortgage through a lender experienced in working with ultra-high-net-worth clients. The lender was able to assess the application using an asset-based approach, taking the clients' significant property and wider assets into consideration rather than relying solely on current income.
A short-term mortgage facility was secured for approximately £6M against the estate. The product was linked to the Bank of England Base Rate, providing the clients with the potential to benefit from future changes in the base rate while meeting their short-term financing requirements.
Although there were some delays during the underwriting process, Enness maintained regular communication with the clients, their advisers and the professionals working on the property. This proactive approach helped keep all parties aligned and ensured that the remaining renovation works could continue to progress.
The clients were also highly responsive throughout the process, providing the information required by the lender efficiently and helping to minimise further delays. The resulting structure allowed them to refinance the existing borrowing, release additional capital for the final stages of the project and retain flexibility while preparing the estate for its eventual sale.
This case demonstrates how complex mortgage solutions can provide flexibility for HNW clients whose wealth is primarily held in assets rather than conventional income. It also highlights the importance of identifying a lender that can take a holistic view of a client's financial position when standard affordability models may not adequately reflect their circumstances.
Enness has access to over 500 lenders and extensive experience arranging bespoke finance for high-net-worth and ultra-high-net-worth clients. If you require a tailored solution for a high-value property or complex financial circumstances, speak to a mortgage specialist to discuss your options.
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Property values can fall as well as rise, and you may not get back the amount originally invested. Property investments can be illiquid and may take time to sell. Where borrowing is used, your property may be repossessed if you do not keep up repayments on a mortgage or other loan secured against it.
