Our client, a married couple, owned a five-bedroom detached house in Hampshire which was valued at £4.5m, following significant home improvements and modernisation. They had an outstanding first charge mortgage of £930,000 on the property and achieved high net worth status because they held more than £3m of net assets.
The couple wanted to raise capital for partial repayment of the improvement works, but they did not want to negatively impact their cashflow position.
We secured a second charge loan for £750,000 over a three-year term with a lender that was able to roll up the interest. This meant that there were no regular payments required to service the balance and so the loan did not impact their cashflow. At the end of the term, the repayment method for the loan was sale of other properties the couple held as part of their buy to let portfolio.
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