Key Facts
Client: Dual Nigerian and UK National / Resident in Lagos, Nigeria
Property: £1M, 4 bed multi-unit freehold block
Property ownership: Hong Kong SPV
Loan: £630,000
LTV: 63%
Product: 10-month bridge 0.89% PM
In this case, we were approached by a client in Nigeria who was looking to release some capital from their unencumbered London property to part-fund another UK property purchase. The client only needed a short-term loan which would eventually be repaid in a lump sum from funds owed to their business.
The client is a resident of Nigeria and works in the oil and gas industry, so their profile was considered high-risk by many lenders. As well as this being the leading cause for concern, the property is also owned in a Hong Kong SPV, which most lenders need to become more familiar with and, therefore, cannot get comfortable with, even with a legal opinion.
The client needed a flexible lender and loan that would allow full repayment with no penalties.
Paige secured the client a competitive bridge loan at 0.89% per month for ten months and also approached a lender that had no requirement for the client to fly to the UK or be in the UK to sign the loan documents.
Information contained in our case studies is for market and illustrative purposes only. In some cases, these may be made up of multiple cases and are for illustrative purposes only.
Some case studies are made up of enquiries that have come into the business, not all business completes, and the posting of a case study does not represent a completed piece of business.
Property values can fall as well as rise, and you may not get back the amount originally invested. Property investments can be illiquid and may take time to sell. Where borrowing is used, your property may be repossessed if you do not keep up repayments on a mortgage or other loan secured against it.
