Problem
As the owner of a grade I and II listed building, this client required support raising capital against the property to fund subsequent property developments. As an old Abbey built in the 1100s, the unique nature of the home, as well as its location, presented challenges in locating a suitable lender. On this occasion, the client was a set of high-net-worth individuals with an incredibly profitable development company, coupled with other substantial assets.
Solution
The property, whilst magnificent, was going to pose a problem using a ‘dry’ lend. We began reaching out to our contacts within the private banking sector to broach the problem from a different angle, using more than just the property as security.
Outcome
As specialists in sourcing high-value financing, we identified a lender that would take the client’s level of wealth, existing shares, company turnover, and experience as a heritage developer into consideration. From there, the credit committee was able to get comfortable with the client, offering them a 60% mortgage against the security, and taking their business accounts under management. This facilitated a capital raise of almost £3M, allowing the client to kickstart an incredible new restoration project.
Loan: £3,000,000
Rate: 3.24% over BoE base
