For family offices and ultra-high-net-worth borrowers, property portfolios are rarely accidental. Prime residential assets in London, the South of France, Monaco, and other global centres are typically assembled over time with a clear focus on capital preservation, jurisdictional diversification, and long-term wealth planning.
Historically, these assets were financed—or more often acquired outright—on a property-by-property basis. Each asset stood alone, with separate lending decisions, valuations, and lender relationships. While this approach prioritised simplicity, it often resulted in fragmented borrowing, inefficient capital deployment, and unnecessary administrative burden.
In 2025, that model is increasingly being replaced. Sophisticated borrowers are now exploring portfolio-level property finance: a single, structured facility secured across multiple prime assets, designed to deliver liquidity, flexibility, and balance sheet efficiency.
This approach is not about maximising leverage. It is about control—creating a cohesive financing framework that reflects how family offices actually manage wealth. Willow Private Finance works closely with private banks, specialist lenders, and family advisors to design these structures, ensuring that property portfolios support wider investment and liquidity objectives without compromising long-term strategy.
Several structural shifts are driving the rise of portfolio-level property finance. First, property values at the prime and ultra-prime end remain high relative to income yields, meaning significant equity often sits dormant on balance sheets. Second, global investment opportunities—from private equity to direct operating businesses—are increasingly time-sensitive, requiring readily deployable capital.
At the same time, lenders have evolved. Private banks and specialist lenders are now far more comfortable underwriting portfolios rather than isolated assets, provided risk is diversified and leverage remains conservative. Advances in credit modelling, cross-border legal frameworks, and internal risk governance have made these facilities easier to execute than in previous cycles.
For family offices managing assets across multiple jurisdictions, portfolio-level finance offers a way to rationalise borrowing, reduce friction, and align property wealth more closely with overall capital strategy.
Portfolio-level property finance refers to a single lending facility secured against multiple properties, rather than individual loans tied to each asset. These properties may be located within one jurisdiction or spread across several, depending on lender appetite and structuring sophistication.
Rather than assessing each property in isolation, lenders evaluate the portfolio as a whole. This allows stronger assets to support weaker or less liquid ones, smoothing risk and often improving overall borrowing terms. Facilities are typically structured with a blended loan-to-value across the portfolio rather than rigid asset-specific limits.
Importantly, these structures are bespoke. They are designed around the borrower’s objectives—whether that is liquidity access, investment deployment, refinancing legacy debt, or preparing assets for intergenerational transfer.
Underwriting a portfolio facility requires a different mindset from standard residential lending. Lenders focus on diversification, correlation, and downside protection rather than headline valuations alone.
Asset mix is a key consideration. A portfolio comprising multiple prime residential properties in core locations will be viewed more favourably than one concentrated in a single postcode or reliant on niche buyer demand. Geographic spread, currency exposure, and buyer depth all feed into lender risk models.
Valuations remain conservative. Lenders typically commission independent valuations for each asset but may apply internal haircuts when calculating portfolio leverage. The emphasis is on resilience rather than peak value.
Borrower profile is equally important. Family offices with clear governance, professional advisors, and a well-articulated use of funds are significantly more attractive to lenders. Portfolio facilities are relationship-driven products, not transactional loans.
Despite the scale of assets involved, leverage remains measured. In 2025, portfolio-level facilities secured against prime and ultra-prime residential property typically operate at blended loan-to-value ratios between 35% and 55%.
Lower leverage supports flexibility. It allows borrowers to negotiate longer tenors, reduced covenant pressure, and, in some cases, revolving credit features that can be drawn and repaid as needed. This optionality is often more valuable than maximising initial borrowing.
Crucially, lenders assess not just current LTV but future resilience. Stress testing against valuation movements, interest rate shifts, and liquidity scenarios is standard practice at this level of lending.
Private banks are often the first point of reference for portfolio-level finance, particularly where assets and liquidity are already held within the same institution. They can offer competitive pricing and integrated wealth management, but may require broader asset consolidation or impose cross-collateralisation beyond property.
Specialist lenders approach portfolio facilities differently. They tend to focus narrowly on the real estate and the structure itself, offering greater flexibility around ownership vehicles, offshore entities, and asset substitution. While pricing may be higher, execution is often faster and less intrusive.
In many cases, the optimal solution involves blending both. Willow Private Finance frequently structures portfolio facilities that sit alongside private banking relationships, ensuring borrowers retain strategic independence while accessing the most appropriate capital.
Many UHNW portfolios span multiple countries, introducing legal, tax, and regulatory complexity. Using UK assets to support liquidity for investments elsewhere, or combining properties across jurisdictions into a single facility, requires careful coordination.
Not all lenders are comfortable with cross-border portfolios, and those that are will expect robust legal opinions, clear ownership structures, and transparent tax positioning. Currency risk is also assessed, particularly where assets and liabilities are denominated differently.
This is where early structuring advice is critical. Engaging lenders before aligning legal and tax frameworks often leads to delays or suboptimal terms. Experienced coordination between advisors is essential to successful execution.
One of the most common mistakes is assuming that portfolio finance is simply a scaled-up version of standard lending. It is not. Poorly prepared portfolios, inconsistent ownership structures, or unclear borrowing objectives can undermine otherwise strong credit cases.
Another pitfall is over-concentration. While portfolios can smooth risk, excessive exposure to a single market or asset type reduces lender appetite. Diversification must be genuine, not superficial.
Finally, borrowers sometimes underestimate the importance of narrative. Lenders at this level expect a clear explanation of why the facility exists, how it fits into wider strategy, and how risk will be managed over time.
Willow Private Finance specialises in complex, high-value property finance for family offices and UHNW clients. We take a holistic view of property portfolios, working across private banks and specialist lenders to design facilities that reflect long-term objectives rather than short-term transactions.
Our role extends beyond lender sourcing. We coordinate with legal, tax, and investment advisors to ensure portfolio facilities integrate seamlessly with broader wealth strategies. Whether consolidating legacy debt, unlocking liquidity, or creating a flexible funding framework, our focus is on preserving control, discretion, and optionality.
As property portfolios grow in scale and complexity, portfolio-level finance is becoming a core component of UHNW balance sheet management. In 2025 and beyond, the ability to mobilise property wealth efficiently—without fragmenting borrowing or compromising strategy—will remain a key differentiator for sophisticated investors.
Structured correctly, a single facility across multiple prime assets is not just a loan. It is an infrastructure decision, underpinning liquidity, investment agility, and long-term wealth preservation.
Q1: What is portfolio-level property finance?
It is a single lending facility secured across multiple properties, allowing borrowers to manage borrowing collectively rather than asset by asset.
Q2: Can portfolio finance include properties in different countries?
Yes, though lender appetite varies. Cross-border portfolios require careful legal and tax structuring.
Q3: What loan-to-value ratios apply to portfolio facilities?
Most lenders operate at blended LTVs of 35–55%, depending on asset quality and diversification.
Q4: Are portfolio facilities only for very large borrowers?
They are typically used by UHNW individuals and family offices, but scale is assessed alongside asset quality and structure.
Q5: Can assets be added or removed from a portfolio facility?
Often yes. Many facilities allow asset substitution, subject to lender approval and maintaining agreed leverage.
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About the Author
Wesley Ranger is the Director of Willow Private Finance and has over 20 years of experience advising ultra-high-net-worth individuals and family offices on complex property finance. He specialises in portfolio-level lending, cross-border structures, and bespoke facilities secured against prime and ultra-prime residential assets. Wesley works closely with private banks, specialist lenders, and professional advisors to deliver strategic, long-term financing solutions.
Important Notice
This article is for general information purposes only and does not constitute personal financial, legal, or tax advice. Portfolio-level property finance involves complex structuring, cross-collateralisation, and jurisdiction-specific considerations that may not be suitable for all borrowers.
Lending terms, eligibility, and risk exposure depend on individual circumstances and may change at any time. Independent legal and tax advice should always be sought before entering into any financing arrangement.
Willow Private Finance Ltd is authorised and regulated by the Financial Conduct Authority (FCA No. 588422). Registered in England and Wales.
