£3 million prime property bridging loan
18th January 2021
Key facts:
- Residential property in Eaton Square
- Client: EU national, living and working in Italy
- Property value: £3,000,000
- Loan amount: £1,950,000
- LTV: 65%
- Rate: 0.80% per month, 9 months term
In this case, the client was looking to purchase a prime property in London that would be used as a personal residence.
Most UK lenders require clients to have a UK bank account opened in order to complete a mortgage. However, for this particular client, an EU national, account opening was delayed due to Covid.
As such, the client was struggling to complete the purchase in time. We, therefore, had to use bridging finance to complete the purchase - 9 months would give the client enough time to open the bank account and refinance the loan onto standard, long term product.
An additional difficulty was around deposit as the client was paying deposit from an overseas bank account and most UK regulated bridging lenders were not able to accept that.
Despite that, we found a lender that could complete in time, as well as allowing the client to use overseas funds towards the deposit.
What was the end result? A client happy with the terms and a purchase completed within the required timescale.
At Enness, we have completed some of the largest, most complicated and most sensitive cases internationally. Our reputation in this market is unsurpassed and our transparency when it comes to fees and processes is vital. We are on your side.
