The client was seeking finance secured against a residential property valued at approximately £2.5 million. As a self-employed property developer, their wealth was primarily generated through development projects rather than a conventional salary or regular income, which meant a standard affordability assessment was unlikely to reflect their financial position.
A further complication arose because the client’s eldest child was an occupier of the property. As a result, the occupier’s consent was required before the property could be used as security. However, the child was travelling overseas and was unable to provide the required signed documentation within the timeframe needed for completion.
OUR SOLUTION
Enness identified a specialist lender experienced in considering applications where conventional income evidence was limited. The client’s wider circumstances and the proposed security were presented to the funder, allowing the application to be assessed on its individual merits.
Given the time-sensitive nature of the transaction, an alternative process for obtaining the occupier’s consent was also agreed. The lender arranged a recorded video call with the client’s child, allowing verbal confirmation of consent to be provided while they were overseas. Formal documentation could then be completed once they returned.
This approach allowed the transaction to progress without waiting for the occupier to return, while ensuring the lender had the required confirmation before completion. A 12-month bridging facility was arranged against the property, providing the client with the short-term funding required.
The case demonstrates the importance of finding a lender willing to consider the full circumstances of a transaction where standard processes may create practical difficulties. Specialist finance can provide greater flexibility where income structures, security arrangements or timing requirements fall outside conventional lending parameters.
Disclaimer:
This case study is for illustrative purposes only and does not constitute financial, legal, tax or investment advice. Finance is subject to status, underwriting, affordability, property suitability and lender criteria. Terms, rates, LTVs and availability may vary depending on individual circumstances.
Risk Warning:
Your property may be repossessed if you do not keep up repayments on your mortgage or other borrowing secured against it. Property values can fall as well as rise.
Information contained in our case studies is for market and illustrative purposes only. In some cases, these may be made up of multiple cases and are for illustrative purposes only.
Some case studies are made up of enquiries that have come into the business, not all business completes, and the posting of a case study does not represent a completed piece of business.
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.
