Commercial finance for foreign national purchasing £1million property

THE SCENARIO

The Enness commercial team pride ourselves on being able to arrange finance for clients from all over the world. I recently assisted a client who had struggled to find a successful resolution from other brokers, and therefore came to us after researching which broker could most confidently provide commercial finance for foreign national clients

My client was a French mother in her forties, whose husband owned a successful law firm based in Paris. My client was looking to purchase a semi-commercial property as a UK investment. The property she had in mind was in the outskirts of the UK’s second city, Birmingham. Valued at £1million, the property consisted of 12 flats on top of four retail units.

Residential and commercial mixed use properties can be challenging to finance, but even more so when the client is a foreign national with no UK footprint. Furthermore, my client required a high loan to value (LTV) in order to purchase the property. The final challenge was my client was unemployed; her income came via her husband.

OUR SOLUTION

Fortunately, I have a good relationship with a lender who is happy providing commercial finance for foreign national clients. Our lender relationships are why Enness is often able to find a solution where other brokerages had failed; our unparalleled network means that, no matter what your circumstances, we will be able to find a suitable resolution.

This niche lender was more than happy to lend to a foreign national with no UK credit footprint. Their flexible attitude meant they were happy to take a view on the client’s income structure. My client was also delighted to hear this lender offers very competitive rates even on high LTV mortgages, which fit in perfectly with what she was looking to achieve.

I therefore secured my client a first charge over the property for £700,000 at an interest rate of 4.75% per annum for a period of 25 years. As this was an international transaction, I was also about to assist with the transfer of Euros for the deposit through our trusted FX partner.