An innovative mortgage solution could help
Read on to see how we helped a young, entrepreneurial couple to secure a mortgage of £8m so that they could complete the works on their dream Wimbledon home.
Problem
Our clients, a young couple, had purchased a sizeable family home in Wimbledon and invested heavily in a high-end renovation. However, they found themselves short of approximately £1.5 million to complete the works, preventing them from moving in. The couple had previously been successful entrepreneurs but were currently in between jobs, with one of them due to start a new position in a few months.
They required a £8m loan to repay their existing lender and secure additional funds for the renovations, amounting to a 7.5x income multiple.
Unfortunately, even their existing private bank couldn’t extend their borrowing due to the income multiples involved and other lenders were hesitant as the property was located just outside of Prime Central London. Their existing adviser had exhausted all available options.
Solution
To address the clients’ unique financial situation, we approached a lender who specialised in monetising both illiquid and liquid assets in the UK and abroad, along with gross rental income. This lender took into account the client’s new job contract, seeing the loan as affordable on an interest only, fixed-rate term over 5 years, which provided security and protected them from potential rate increases.
The lender did not require any Assets Under Management (AUM) on day one, with the understanding that the clients would build a relationship and add to their AUM over time. With a tight deadline for completing the works, my strong relationship with the bank and the clients’ solicitor enabled a swift and efficient process, meeting the deadline and providing the additional funds that the clients needed.
Conclusion
This case study highlights our team’s commitment to finding tailored mortgage solutions for clients facing unique challenges. By considering the clients’ assets, income, and future plans, we were able to secure a mortgage with a bank who we had a close relationship with, and which allowed them to complete their high-end Wimbledon property renovation and move into their stunning £13.5 million home.
If you are facing a mortgage dilemma, we are here to help. Contact us today and, together, we will find you the best solution for your unique needs.
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