£1.4million mortgage for foreign national with new job

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THE SCENARIO

In addition to traditional mortgages, Enness Private Office can also confidently arrange high value short term solutions such as bridging loans for our high net worth clients. For example, I recently organised such a solution for a foreign national client who needed to raise £1.4million of borrowing.

My client was an Italian foreign national who was resident in the UK. As mentioned, he hoped to raise a significant amount from his residential property to repay various debts.

However, after having been self-employed for the last decade, he had recently closed down his company. As such, he had recently started working and was earning a basic salary with an investment company, so we only had his employment contract as proof of income. This contract showed his basic salary of £200,000; this was not going to be enough to support the level of borrowing required.

However, his contract does allude to the additional income he could expect to receive, including a significant bonus scheme and pay-outs from specific deals. We therefore needed a short term funding solution which would tide my client over until this additional income came into play.

OUR SOLUTION

I knew we would need to approach a private lender who could take a view on stretching the affordability. I therefore contacted a prestigious private bank who approaches their finance solutions on a case-by-case basis. I was able to arrange a regulated bridging loan at an interest rate of 0.5%. This is an excellent rate for a bridging loan, which typically will not drop below 0.48%. My client also wanted to roll up the interest, which we were able to do.

The exit strategy for this would be the pay-out of the bonus discussed above. We would then look to remortgage the bridging loan once his cash flow is more regular. If you need a large loan on a short-term basis, please do get in touch and I would be pleased to advise you further.

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