Bridging loan on a 17th century property for expat in Mallorca

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THE SCENARIO

commercial project which would renovate all existing buildings to a luxury standard, with a potential plan for a new hotel conversion. The issue I encountered with this case arose in my client’s need for a speedy valuation. Valuations can be particularly troublesome due to geographical location. Unlike in the UK where you can hop in a car and drive to the property in a matter of hours, this is simply not the case in Spain. I also required a 90-day value as a British valuation requirement, and so I had to use a valuer who I have worked with previously who understood my client’s situation. After using my relationships within my Mallorcan network to push forward the valuation, I then managed to secure a term with a lender at great speed. My client had a Gibraltarian limited company already set up which the lender could lend to, which not only kept cost down but also avoided tax charges that may have occurred due to national policy differences. My client was extremely happy with the 6-month term I had achieved for him, as the particular lender I used can fund projects abroad which are not standard purchases and also may require development work. The speed with which I could complete the valuation and turn the loan around is a testament to our close working relationships at Enness. We take the time to understand your whole financial picture, to find efficient solutions to your financial needs. FIND OUT WHAT OUR BROKERS CAN ACHIEVE FOR YOU ]]>