£5.5million mortgage for Russian client in London


Securing large mortgages for Russian nationals in London can be a tricky proposition in the current political climate. We recently assisted one such client, a high net worth individual (HNWI) who was referred to Enness by a trusted introducer.

This client had become a British citizen and ran a successful financial trading desk. He owned a £11million property in London which was the security for a £3.4m bridging loan. He planned to sell the property and repay the bridge loan but wasn’t achieving offers in the region he needed.

The client’s income was significant but inconsistent and had a complicated company structure.

He had made enquiries with a number of high profile lenders but was facing numerous issues – demonstrating affordability, calls for assets under management and, of course, a general reluctance of lenders to entertain ‘high risk’ nationalities.



We suggested that instead of trying to sell, we refinance the bridging loan onto a buy-to-let (BTL) facility on the basis that any rental income would be sufficient to cover the interest payments. In addition, there was enough income to increase the mortgage further, releasing equity for other ventures.

We arranged a mortgage of £5million at 3.59% per annum. There were no early repayment penalties on the facility meaning he could either repay the capital released if it wasn’t required or sell the property should the market move in his favour.

We faced a technical application process and had to negotiate strongly with both the lender and the surveyor but delivered a great result for the client.

We see plenty of examples where clients have taken expensive bridging loans where there are plenty of cheaper, mainstream solutions available to them.


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