Purchase price: €5,600,000
Loan amount: €5,350,000
LTV: gross: 95.5%
Rate: 1.75% fixed for the life of the loan
Term: 5 years, interest-only
What was the property?
A luxury apartment within a chalet in Courchevel 1850.
Who was the client?
My client was a Russian national and taxpayer, acting as the chairman of the Russian arm of a major U.S. multinational investment bank and financial services company in Moscow.
What were they looking for?
The client was looking for a loan with as competitive a rate as possible on an interest only basis. He was also looking for a private bank who would be prepared to take custody of his stock and shares portfolio to meet their AUM requirements, rather than moving across cash.
Why was this case difficult?
The client was a Russian taxpayer, with all his proof of income documentation displayed in the Russian language. We therefore needed a lender not only prepared to onboard a Russian taxpayer (with all the associated compliance risks), but who also had the capability of understanding his documentation.
Client had a complex KYC profile; the financial assets he wished to move across were contained within a trust structure incorporated in New Zealand. The bank therefore needed to open an account for and onboard the trust as well as the client himself.
What was the process?
After exploring my network of lenders, I managed to find a bank that both fully comprehended the client’s situation while being prepared to take custody of the trust’s securities, with the aid of my exhaustive explanation and supply of clear supporting documentation, as well as offering a rate well below 2% fixed for the life of the loan.
I was able to arrange 95.5% LTV (€5,350,000) at a fixed rate of 1.75% over 5 years (interest-only), with the client placing €2,900,00 in AUM.
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