An £8million property situated in North London.
A high-profile individual who had just landed a new job within the same industry. He had been at his previous company for many years and had a healthy bonus history.
He was looking to secure property finance with high LTV and no AUM.
The lender required a typical three-year bonus history from the client in order to qualify for 70% LTV and no AUM. Due to my client recently moving jobs, he was therefore unable to prove his bonus history.
For this product, in particular, you must require a minimum loan of £3million, which is exactly what my client was looking for.
I also looked at his previous bonus history spanning 5 years, demonstrating a long-standing career and an excellent earning capacity, proving his affordability.
Furthermore, having approached the lender with my client’s CV, the lender realised they had secured property finance for several of my client’s new colleagues and knew that there was a solid bonus structure in place within the company.
By taking a holistic approach and exploring my client’s individual circumstances, I was able to arrange 70% LTV (5.6million) with no AUM at a rate of 1.8 + UK base rate over 5 years, interest-only.
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