Enness Global structures two-lender capital raise across property portfolio
The proposed deal included a remortgage of the family’s main home to release a lump sum and a staged drawdown facility secured against a BTL property.
Enness Global has structured two facilities for a UK family raising capital to buy and refurbish a residential property.
The proposed deal included a remortgage of the family’s main home to release a lump sum and a staged drawdown facility secured against a buy-to-let (BTL) property.
The structure allowed the family to retain its wider investment portfolio.
It also meant refurbishment funds could be released as the work progressed rather than being drawn in full at the start.
A single refinance did not provide the capital and flexibility required.
Enness split the borrowing between two lenders to match each facility with the relevant property and funding timetable.
The lenders considered rental income, property values, existing debt and leverage across the family’s portfolio as part of their assessments.
They remain subject to status, valuations, credit approval, lender criteria and legal due diligence.
Each lender had separate underwriting and completion requirements.
Further releases under the staged facility will depend on the agreed drawdown conditions and progress of the refurbishment.
Toby Johncox, group managing director at Enness Global, said: “Sometimes the most effective structure isn’t trying to make one lender solve every part of the requirement.
“By separating the capital raise, we could match each facility to the asset and to when the clients actually needed the funds.”
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