Finance for Russian entrepreneur for £5million London property

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THE SCENARIO

A fractious political climate can make arranging finance for Russian clients a difficult proposition. However, I was recently able to assist a Russian businessman with a London property purchase. My client was a very successful entrepreneur in Russia and had a substantial international presence.

He was hoping to extend his property portfolio in the UK with the purchase of a true jewel in the Central London market, valued at £5million.

As he was looking for a low loan to value (LTV) of 50%, this should not have been overly difficult. However, my client had already approached several banks directly, and all had confirmed they were unable to consider him as he did not fit within their policy scope.

A friend of my client based in the UK suggested he approach Enness, as we have an extremely positive reputation for being able to find solutions where others have failed.

My client therefore approached us in the hopes we could perform a miracle and find something suitable for him. Needless to say, I managed to find a solution that exceeded his expectations.

I knew his circumstances would pose a challenge. His income stemmed from multiple businesses in Russia, and not many lenders in the current climate are happy to provide finance for Russian clients due to the unstable political situation and volatile currency.

OUR SOLUTION

He also had a complicated asset and income structure, so I liaised extensively with my client to gain a thorough understanding of his income streams, enabling me to present the case clearly to lenders and prove he was not a risk.

I knew a private bank would be the most appropriate port of call; my client was also looking to build a long-term relationship with a lender, which is something private banks are also keen to achieve. Enness has a strong relationship with this particular private bank, and because of their faith in our opinion, they were happy to meet my client face-to-face for a further discussion.

As a result of this meeting, the lender offered my client very attractive term 3.25% plus LIBOR, over a 10-year term. Considering his international presence, my client was also very interested in Enness’ foreign exchange (FX) service; I explained to him that as a client who undertakes transactions all over the world, our specialists could help secure him the best possible rates.

Enness also has a multilingual team, including Russian speakers, so we are able to liaise with clients all over the world. If you would like further information on how we can help you as an international businessperson, please do get in touch.

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