£1.7 million bridging loan helps a wealthy customer invest in their personal business.

The idea

When a successful business owner needed a large short-term loan to invest into his personal business, an exclusive private members’ club in London, the complexity and required speed of the case meant he had to turn to a broker to explore solutions via a specialist lender.

Despite their status, many wealthy and successful individuals still struggle to secure finance from high street banks and traditional lenders. This is often due to automated systems being unable to take complex income streams into account, slow processes that aren’t set up to deliver timely decisions, and few options for short-term funding solutions that can be provided at short notice.

The wealthy customer contacted Enness Global, a leading international brokerage providing complex mortgage advice for high net-worth individuals, to help secure the funds that he needed.

The enablement

Working with Enness Global, we were able to provide their client with a bridging loan for £1.7 million.

The loan was secured against two of the customer’s personal properties; a large five-bedroom terrace house in London valued at £8,800,000, and a similar sized detached home in the Cotswolds with a value of nearly £4million.

Dan Narwal, Regional Account Manager at Together, said “The customer required funds to support his business, and we are delighted to have been able to work with Enness Global to complete this complex deal secured against two properties.

We are seeing increased optimism from wealthy customers as they continue to look to utilise their property to raise funds for additional projects.

These customers often require flexibility when seeking finance and are frequently let down by mainstream lenders who have rigid criteria. They often have complex company structures and multiple income sources, which require a personal approach when assessing net worth and lending appetite.”

The result

Our common-sense approach to lending, coupled with a dedicated large loan bridging product, allowed us to meet the needs of both our broker partner and their client.

Toby Johncox, Group Managing Director at Enness Global, said: "I chose Together as the lender for our client due to their ability to offer a flexible approach and ability to fully understand our client’s status.

Their internal funding structure meant no prolonged legal work, and their willingness to accept second charges on both properties made the deal stand out from the rest of the market.

Further, having direct access to key decision-makers in the business allowed for swift decision-making, and their quick turnaround time and professionalism made them the ideal choice for this transaction."

At Together, our ability to provide large loans on bridging products, including second charge bridging, means that we can support wealthier individuals in achieving their personal and business goals. Contact our expert team to find out how we could help you.