Large mortgage refinance on £8.7million London property for Dubai resident

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THE SCENARIO

Our excellent relationships with many of the top private banks enables us to approach them to find solutions for the most complex of cases—but this is not a one-way street. I was recently introduced to a client seeking a large mortgage refinance through a private bank. They were unable to help him, but due to my excellent relationship with this lender, they referred him to me directly.

My client was resident in Dubai, and was the chairman of one of the largest construction companies in the Middle East. My client was looking to refinance a £6.6million loan currently held with a multinational bank on his property in Knightsbridge. The property was valued at £8.7million and was owned through an Isle of Man Special Purpose Vehicle.

This was a challenging case in several respects; the property was held in an offshore company, and I also needed to work via my client’s family office. Many of my high net worth clients are understandably very private and reluctant to divulge information, which can make presenting their cases to lenders a challenge.

OUR SOLUTION

Fortunately, we have been working with such clients for over a decade, and so I was quickly able to ascertain the sort of lender who would be comfortable working with my client on this basis. The lender I approached is very used to working on cases of this nature, and can offer terms with minimal information from the client.

Because of my client’s prominence in the construction world, I was also able to create a clear picture of his global business activity through my own research, which enabled me to present a more accurate view and secure him the best terms possible in light of his financial situation.

The final terms I secured was 1.9% + LIBOR on a 5-year renewable facility, on an interest only repayment basis. This was at 75% loan to value, with 20% of the loan amount being held with the bank as assets under management (AUM).

This is an excellent example of how we are able to assist on complex cases for clients from around the world. If you are looking for a large mortgage refinance, I would be delighted to speak with you further.

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