£30million Knightsbridge property refinance

THE SCENARIO

We regularly work with clients who are purchasing or remortgaging property in the world’s most prestigious postcodes. Prime London property is particularly desirable, but comes with the price tag to match—and arranging finance on such a scale is rarely simple.

I recently worked on such a case for an international property developer. My client was looking to release equity on his £30million penthouse in Knightsbridge by refinancing. Unfortunately, his current lender was not prepared to assist him with this—my client hoped to achieve 75% loan to value, for total borrowing of £22.5million.

He faced several issues in addition to his current lender being unwilling to allow him to release the equity. Because of the extent of his business, my client had a non-vanilla income structure which came from a variety of sources. The penthouse was also owned through a Jersey based property company, instead of in his personal name.

This penthouse was one of many properties my client owned around the world; as a property professional, he had an excellent understanding of the market and needed a broker whose expertise could add real value to his intended transaction. Fortunately, as one of the world’s leading high net worth mortgage brokerages, we were more than able to assist.

OUR SOLUTION

After carefully reviewing his income streams and the structure of the ownership company, I approached a prestigious private bank, and explained the complexity of my client’s situation to them. I have an excellent relationship with this lender and they were happy to proceed with refinancing this property, requesting £4.5million of assets under management (AUM).

I secured my client a £22.5million loan at a fantastic rate of 1.75% + LIBOR, on a 5-year interest only term. He was happy to place AUM with such a highly-regarded bank, and was delighted with our resolution of his case.

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