When a client needs a lending solution, not an off the shelf product
Not every borrower is a good fit for an off the shelf bridging loan. High-net-worth individuals often fall into this category when they have needs, goals, or backgrounds that make everyday lending products too difficult to deliver. Because of how Tenn makes lending decisions and assesses a borrower and their plans, we can provide loans in unusual situations and to non-standard borrowers. Each of these loans is unique to the borrower and is built to meet all their needs, no matter how complex – we call this a lending solution.
As long as we see a quality borrower with prime property in a liquid market and they have good plans, there are very few scenarios we can’t consider. We can lend to borrowers who want to release equity from an international residence, raise significant capital against a property, use a complex property as security for a loan, complete an international property purchase quickly, etc.
Your client needs a (very) large bridging loan
We mostly lend £1 million – £10 million, but we are ready to offer more if your client needs. In theory, we don’t have an upper limit on loan size, and we can consider £10 million+ loans any time we see a great borrower and a great asset. Maximum LTV will depend on your client’s plans, the property and the exit but will usually be around 60-75%. We are happy to keep LTV in this range for international property, big loans or complicated transactions, provided the quality of the loan supports this.
Your client is working with advisers that want to structure a loan in a specific way
High-net-worth individuals usually work with professional advisers. These advisers will be involved in the transaction, and they will tell you how they want the loan arranged. This is understandable, but until now, it has made it much harder for you to find a lender or get a loan for your client. Tenn was set up to help make these deals easier to deliver.
We know your needs and priorities, and we also know how to work with professional advisers. We can set up loans to meet your requirements as well as the advisers’. What this will look like will depend on your client, where the security is, how the asset is owned, what the borrower wants to do with the loan capital and how they’ll exit the loan.
To us, cross-border lending is when a borrower wants to spend loan capital outside their country of residence or in a different jurisdiction from where the security is located. This can be non-residents using loan capital to fund property purchases or projects in the UK or in other countries. Tenn is set up to lend cross-border and we are happy to see loan capital used in a different country from where the security is located. We lend in various currencies, to foreign nationals, and we can consider lending against prime property anywhere in the world, no matter where your client wants to use the loan.
Your client has unusual revenue streams
‘Unusual income’ and ‘high-value loans’ aren’t usually associated with fast and efficient bridging transactions. We understand the way high-net-worth individuals generate income, what this might look like and why it can make finding a lender hard. Because we don’t have fixed lending criteria, we always look at the quality of the borrower as a whole. As a result, we can consider lending even if your client has unusual revenue, income, or they are waiting on a liquidity event. We are happy to see income generated from one or more businesses, unusual payment schedules, income from investments and dividends, future liquidity events (divorce, sale of a business), wealth structured through trusts or other structures, etc.
Tenn is set up to help you offer high-value, short-term loans to borrowers, even when they have unusual backgrounds, requirements or requests. We regularly work with non-resident borrowers, offer international bridging loans and work with professional advisers to structure finance though different types of entity. If you would like to learn more about what we do, when we can help, or our expertise, get in touch – the team will be delighted to talk you through our approach and how we lend.