Refinance of £10million unencumbered property to generate income

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At Enness, we’re seeing an increasing trend for clients refinancing their unencumbered property for onward investment.

My client was a wealthy foreign national who was living in the UK on an investment visa. A self-employed individual, my client had a number of motivations for refinancing, but her complex situation meant she required the help of an expert high net worth broker.

My client ran a charity foundation, meaning she did not have a high personal salary and she primarily invested into the foundation. However, she had an extensive property portfolio, including several high-value UK assets, with a net worth in the hundreds of millions.

In addition to other worldwide assets, she owned an unencumbered property in an exclusive London postcode, valued at approximately £10million. She had purchased this property several years previously for around £7million.

My client now wanted to refinance and use the money to invest in higher yielding assets, including a rental portfolio, some liquid shares, and also to invest further into her charity foundation. Many banks struggle with this diversity, preferring clients’ onward investment to be in one place.

Her nationality also posed a problem, and she had links to some politically exposed people in her home country. She was therefore quite a difficult client to place, as she did not fit the criteria of many mainstream lenders.

OUR SOLUTION

Fortunately, we have a good contact at a very niche lender operating from the Middle East who was happy to work with this client. They were able to offer her a £6.5million facility on a fixed rate, meaning she could effectively achieve her financial ambitions.

If you have an unencumbered property in the UK and would like to use this to generate income, I would be delighted to have a conversation with you about the ways we can help. Enness Private Office are experts in dealing with high net worth clients with complex requirements.

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