- Property Value: Approximately £14 million
- Loan-to-Value: Approximately 75%
- Requirement: Urgent bridging loan refinance
- Terms: 2% fee with 12 months’ retained interest
Enness was approached by a client who urgently needed to refinance an existing loan against a high-value property. With the existing finance requiring a swift solution, there was considerable pressure to secure replacement funding before the situation caused further financial disruption.
The main challenge was the client’s lack of income. While the property provided substantial security, the absence of conventional income made the transaction unsuitable for many mainstream lenders. The client was also looking to borrow at approximately 75% LTV against a property valued at around £14 million, making lender selection particularly important.
Enness assessed the circumstances and looked beyond a conventional income-led lending approach to identify a lender comfortable with the proposed level of borrowing and the underlying property security.
Following extensive work on the case, Enness secured terms at approximately 75% LTV, with a 2% fee and 12 months’ interest retained within the facility. The refinance was completed within a matter of weeks, providing the client with the urgent funding required and avoiding further disruption.
The case highlights the role that specialist bridging finance can play where a borrower needs to refinance quickly and their income profile does not fit traditional lending criteria. In this instance, the strength of the underlying property and the ability to structure the facility around the client’s circumstances were central to finding a workable solution.
Enness works with specialist lenders across the market and can structure bridging finance for complex situations involving high-value property and unusual income profiles. If you require urgent refinancing against a high-value property, speak to a mortgage specialist to discuss your circumstances.
Risk Warning:
Bridging finance is short-term borrowing and can be more expensive than conventional mortgage finance. Interest and fees can increase the amount owed, and failure to repay the facility in accordance with its terms could result in enforcement action against the secured property.
Disclaimer:
This case study is for illustrative purposes only and does not constitute financial, legal or tax advice. Finance is subject to status, underwriting, property assessment and lender criteria. Terms and availability will vary depending on individual circumstances and the proposed transaction.
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.
