My client was an ex-football player, now in his forties and earning a good salary as a property marketing agent. He hoped to raise money against one of his properties to pay a tax bill and an outstanding overdraft. Enness has a reputation for being able to deal promptly with unconventional cases; an accountant referred this client to us.
His property, located in South London, was valued at £800,000. However, the property was owned in an unusual way; whereas most residential properties are owned in a personal name, this property was held by his wife through a Limited company.
This created a problematic situation as it blurred the line between regulated and unregulated lending. This case qualified as unregulated. Furthermore, because my client was the main earner but wasn’t on the title deeds, his income couldn’t be used to support the loan.
He had also suffered from adverse credit several years ago, which was affecting his ability to borrow.
Having discussed my client’s situation in detail to gain a thorough understanding of the case, I advised him on the best course of action. To tidy the whole situation up and avoid significant tax liabilities, the South London property needed to be sold. I therefore arranged for a short-term finance solution which would enable my client to pay his tax bill in the short run, whilst also releasing cash to prepare the property for sale.
As I explained to my client, this then meant that purchasing a new property would be relatively simple—especially since he had gone to great lengths to repair his credit.
I therefore arranged a loan for 18 months at a rate of 0.59% per month. It was very likely my client’s property would sell in this period. Given the desirability of the area, it was likely to be a quick sale, meaning my client could avoid unnecessary interest costs.
I was able to resolve this case promptly as the lender was able to work quickly to meet my client’s tight time scales. Having worked with this lender in the past, I have known them to complete on a loan within the week, so I knew they were an ideal match for my client.