Are you an international buyer looking to add to their global property portfolio? If so, did you know that you can borrow against your current properties in order to buy new ones? We are specialists in refinancing and negotiating loans against existing assets and would love to help.
Case Profile
Our client is part of a highly influential west African family with significant wealth and a number of prime properties around the world. He was looking to add to his property portfolio and needed to raise the funds he needed to purchase the London property he was interested in.
The client had an established relationship with a well-known private bank who he’d approached already. They had made him an offer, but our client was hoping for better terms, and so he contacted our adviser to see if we could improve on his bank’s offer.
Given our expertise in this area of specialist lending and the excellent relationships we have with private banks, our adviser was confident that he could negotiate a better deal for our client with his existing bank.
Solution
Our client was looking to borrow over £18m. Given that this was no insignificant amount, we wanted to make sure that the client received the best terms possible so that his money would stretch as far as possible, and repayments would be kept to a minimum.
We reviewed the options, settling on a plan to review and refinance our client’s current outstanding loans to release the funds he needed. We negotiated a 60%LTV cross-charge interest only loan over a five year term, secured against three of his existing properties. To keep costs down, our adviser secured a deal over two-products part variable rate and part fixed rate over five years.
In addition, the private bank agreed to lend our client the stamp duty for his new property purchase, which is virtually unheard of.
Our client was very happy. He had remained with his current private bank, retained his existing properties without having to sell one or more of them to raise finance and he’d secured a flexible, competitive refinance deal which helped his money to go further and enabled him to add to his property portfolio.
