An existing Enness client, a British expat family living in Monaco, approached the firm seeking finance for a French holiday home in Mougins on the French Riviera. Having previously used Enness for UK mortgage finance, they required a new lending solution for the overseas property.
The property was a house in Mougins with an agreed purchase price of approximately €1.43 million. As the borrowers were resident in Monaco rather than France, the application required a lender experienced in working with international clients and non-resident borrowers.
The clients had previously approached the same banking group through a different department and had received less favourable terms. Finding the appropriate lending team was therefore an important part of the process, alongside presenting the application in a way that reflected the clients’ wider financial position.
OUR SOLUTION
Enness approached a French private bank with experience in international mortgage lending. The bank’s local presence in Nice and familiarity with the Mougins market provided useful context when assessing the proposed purchase.
The lender was able to offer a mortgage at up to 70% loan-to-value on a capital repayment basis over a 20-year term. No Assets Under Management (AUM) were required at the outset, allowing the clients to complete the purchase without first transferring investment assets to the bank.
Following the initial financing, the clients agreed to place approximately €250,000 of assets under management with the bank. This supported additional borrowing to fund planned renovation works to the property, subject to the lender’s requirements.
The structure enabled the clients to purchase the Mougins property while retaining flexibility around their wider assets and subsequently accessing further capital for improvements.
This case demonstrates how specialist international mortgage expertise can be valuable for non-resident borrowers purchasing French property. Access to the appropriate lending team, combined with a clear understanding of the borrower’s wider circumstances, can help identify financing options that may not be available through a standard application route.
Disclaimer:
This case study is for illustrative purposes only and does not constitute financial, legal, tax or investment advice. Finance is subject to status, underwriting, affordability, property suitability and lender criteria. Terms, rates, LTVs and availability may vary depending on individual circumstances.
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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.
