£5million bridging loan refinance for Saudi businessman


Many of my clients are international businesspeople with property portfolios spanning the globe. I was recently able to assist a retired Saudi Arabian businessman with a bridging loan refinance; my client owns a £9million property in Wilton Place, Mayfair, which he uses as a base when he visits London.

He originally purchased the property using a bridging loan of £5million, but he now hoped to refinance. Although bridging loans are an attractive option when speed is a priority, this is reflected in a higher interest rate. My client therefore needed to refinance onto a more favourable residential rate.

Lenders generally require detailed information from borrowers before they will offer terms, but many of our ultra high net worth clients are extremely private and often reluctant to disclose the full range of information requested by lenders. In this instance, my client had significant wealth in Saudi Arabia, but did not want to provide detailed accounts of his income.


Fortunately, I have extensive experience in dealing with cases such as this, and the appropriate network of lender contacts to arrange the refinance for my client. I knew that I would need to find a lender who would be open to accepting an accountant’s letter as proof of income.

I therefore located a bank in the Middle East who could lend on a residential property in the UK, and approached them with my client’s case. This lender was happy to proceed with limited information, as they were willing to accept a single accountant’s letter from my client’s bank in Saudi Arabia as proof of wealth and income.

I secured my client a 5-year fixed rate of 2.69%, on a full interest only repayment basis, which was an excellent result. Securing finance when confidentiality is a concern can be challenging. However, the Enness Private Office team have a wealth of experience in dealing with ultra high net worth clients, and are able to provide a bespoke, private and efficient service for clients all over the world.

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