Prime Location Property Worth €9M in Paris for US National

Key figures:

€9,000,000 property

100% loan to value (LTV)

35% AUM

1.5% variable rate

Interest Only

Maximum 8-year term

 

What was the property?

A super prime location property worth €9,000,000 in Paris.

 

Who was the client?

An American resident.

 

What were they looking for?

100% finance with minimum assets under management (AUM) pledged with the bank.

 

Why was this case difficult?

Most French banks do not want to adhere to American regulations and therefore turn down US nationals looking to secure property finance in Paris, one of the many reasons why American clients come to us at Enness. In this instance, by refusing to invest the client’s funds under management with the bank, it could open an account for the client whilst navigating the vast majority of this American regulation (investment mandates require more paperwork).

 

What was the process?

I liaised with the lender and they agreed to hold my client’s cash in a combination of EUR and USD to maximise the value of his AUM, as bank’s usually discount the value of currencies different to the loan amount, therefore giving him an extra layer of security in the process.

 

The solution:

I was able to arrange 100% LTV at a rate of 1.6% over 5 years, meeting my client’s pricing and tax optimisation requirements.

 

If you would like to discuss your property finance requirements, please get in touch today, no matter the complexity.

 

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