£28million property refinance for dual national clients

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THE SCENARIO

Securing a large property refinance for dual national clients can be challenging for a number of reasons, particularly if the client is working through a family office. Fortunately, the Enness Private Office team is very experienced in such cases, as we proved when I found a successful resolution for this case.

I was contacted by one of Enness’ trusted introducers, a wealth management firm with whom we are on excellent terms. This firm had recommended us to their client in light of our experience in arranging property refinance for dual national clients.

The client in question held dual nationalities and had an extremely high value property portfolio in Prime Central London. The wealth management firm recommended raising the figure of £21million by refinancing another property asset valued at £28million.

My client was very sensitive on pricing, so I had to make sure I was only getting the best rates on the market. Furthermore, I had very little direct contact with my client as all meetings were conducted through their aides at the family’s London office.

I held numerous meetings and conference calls with my client’s family office to gain a thorough understanding of the structure of their wealth, as I knew this would be key in acquiring the best rates for my client.

OUR SOLUTION

Finding a lender who can deal with complicated income structures is sometimes difficult. Fortunately, Enness Private Office has access to an unusually large network of lenders, so I knew which lenders would suit this client.

I approached a large multinational bank, perfectly at home with complex income structures, and negotiated a very favourable rate.

The terms of the loan gave the full amount of £21million at a rate of 2.25% + LIBOR over a 5-year term with £5million assets under management.

This hugely complex case was resolved very successfully and my clients were delighted they had found the best rates on the market.

 

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