My client had enjoyed a successful international career as an architect, working for a major global brand. From this, he had moved into professional property development and were now seeking development finance in France for a lucrative project.
This was going to be an extensive and complicated development in Cannes. My client was essentially looking to buy a plot which included one large property and two smaller outbuildings, with the plan of renovating them and selling them on in several years time at a profit.
My client had already secured development finance for the primary building, but was struggling to secure an appropriate loan for the two outbuildings, which needed a much higher degree of renovation. My client was also on a tight deadline for this project, so he needed a broker who could secure terms for him in a timely and efficient manner.
We are experts in complex international cases such as this, and have arranged development finance in France for a number of clients. He approached me to find funding for this section of the project, as our network of lenders in the region means we can place unconventional cases or applications that have been rejected elsewhere.
I contacted a ‘Marchand de biens’ lender, who specialise in development projects. Typically, these banks won’t lend very far outside of their comfort zone—that is, their local region—so they can keep an eye on the project and ensure that all is progressing as it should.
I have an excellent relationship with one such lender in the region of my client’s project. Their understanding of the local area meant they were able to offer all of the funds required. This was ideal for my client as he wished to keep capital free for other projects. I negotiated for a €10million facility at 1.2% over a 4-year term on an interest-only basis.
If you have a complex property finance requirement in France, working with a broker at Enness International can help your project progress smoothly. If you’d like to discuss your circumstances, I would be happy to advise you further.