Knowing the people at a lender who are willing to find solutions – vs. those who prefer finding problems – plays a huge part in ensuring the outcome to your case is the right one. This is where having a broker on your side is invaluable – particularly one like Enness, who has worked hard to develop and maintain an unrivalled panel of lender relationships.
We specialise in working with clients who have complex income structures and requirements. As such, cases often don’t comply with ‘tick box’ criteria, and they require bespoke solutions, brought around by some negotiation.
In our experience, there are certain people at a lender who will think outside the box, so to speak, and if option one doesn’t work, they’ll look into what else might.
However, there are others who will give up after the first attempt, and it’s our job to know who to approach to ensure there’s a way around it.
For example, we recently worked with a client to refinance their property portfolio; there was a large number of UK properties, and one in Europe, all held in a Special Purpose Vehicle (SPV). The problem arose when the lender learnt the European property had £800,000 worth of debt against it – something the majority of lenders will have a problem with, refusing to take a debenture over the company due to there being international debt within it.
A further obstacle was encountered when looking at the accounts; although the rental income appeared to be strong, there were other outstanding loans within the SPV.
Although we knew which lender to approach, the individual who was originally presented the case saw the two challenges above and deemed the deal too risky. However, on speaking to a second person at the same lender, it was clear there were ways to shape the deal to benefit both parties.
The second individual could see the quality of the client and the potential for a long standing relationship with them. As such, they were willing to be flexible and think outside their standard criteria and came up with not one, but two possible solutions.
This is an excellent example of how having strong lender relationships, can be hugely beneficial when maximising a deal. Knowing which individual will be willing to do anything to make the deal work is what sets Enness apart. Likewise knowing who to avoid saves you time and energy, ensuring the process is as efficient as possible.
We have an unrivaled panel of lenders, and access to the entire market so whatever the circumstances, we can find a solution. We won’t give up at the first hurdle either.
If you have complex requirements and wish to speak to someone about the best option for you, get in touch with our team and we would be happy to hear from you.