- 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 able to consider 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 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 underlying property security and the structure of the facility were important considerations in identifying 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.
Important: Bridging finance is short-term borrowing and requires a credible and achievable repayment or exit strategy. Where repayment depends on refinancing, sale of the secured property or another future source of funds, delays, changes in property values or market conditions may affect the anticipated exit and the overall cost of borrowing. Where interest is retained within the facility, the total amount repayable can increase.
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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.
