A client came to Enness half-way through the self-build of a large family house. She and her husband were building their dream property and the property was valued at £2.75 million.
She was initially planning to self-fund the project and development herself but at the mid-way point decided that she wanted to increase her shareholding in the company she had built so needed to redirect her capital into its expansion. She wanted to re-mortgage the property and take £2 million out of it which then turned the application into a self-build mortgage.
This situation was more complex than usual due to a few reasons. Firstly, lenders don’t usually like to enter a project after it has begun as they like to have control over the direction in which it is heading. My client’s income was also paid from an offshore location where she worked most of the time and as it was consequently untaxable in the UK a lot of banks were not interested in the project or granting her the self-build mortgage she needed.
With a project of this size I would usually approach a private bank. However, as all of my client’s assets were tied up in extra shares she did not have enough assets for a private bank to take interest.
After suggesting that my client secured the house and made sure it was watertight enough to get a surveyor in I eventually found a high street bank that I have a relationship with that would take her situation into account by considering her projected forecasts for future earnings.
I secured my client a 2 year fixed rate mortgage at 2.29% with no assets under management up until her 75th birthday. She was extremely happy with the outcome
A comment from the client about her experience of working with Enness:
‘I’ve really got a busy job involving a lot of global travel. It was great to have Antonio understand my situation and work smoothly and quickly to deliver a good result for me.’