Finance on an unencumbered property for refurbishment and onward purchase

Enness is always pleased to receive referrals from pre-existing clients. I recently worked on a case for a financial consultant who needed a quick turnaround, and had been recommended to approach Enness for help. My client wanted to raise finance on an unencumbered property for two reasons. Firstly, he wanted to refurbish his current property. He also hoped to purchase another property, as he had an immediate property investment opportunity that required a cash buyer. His current property was located in North West London and valued at £1.7million.

He was in his early forties with two dependents. In his capacity as a consultant, his work and income varied throughout the year. He was also a self-employed sole trader. Securing finance as a self-employed sole trader can be challenging; this can be a risky position as whilst he was entitled to keep all of the post-tax profits, he was also liable for potential losses. As he was faced with a time-sensitive investment opportunity, he also required a very fast turnaround, which can be difficult to achieve.


I therefore used a lender that I have an excellent relationship with, and was able to present his application favourably to them to reassure them about his self-employed status. One of my client’s key considerations was securing the cheapest possible rate. This lender was therefore suitable as they were in fact offering the cheapest 5-year fixed rate available at the time for this circumstance. They were also able to satisfy my client’s desire for a speedy turnaround, and they produced the offer within the week. I secured him a 1.7% 5-year fixed rate over 18 years, in a very timely manner—a fantastic result.

In this instance, I was also able to assist my client by referring him to one of our trusted legal partners. We work closely with experienced legal professionals who are committed to ensuring your property buying process runs efficiently and with complete transparency at every point, and can introduce you to an appropriate point of contact.

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