€1.7million Cannes buy to let property purchases with no assets under management

23rd November 2018
€1.7million Cannes buy to let property purchases with no assets under management

Key figures:

Two Cannes buy to let properties – combined value €1.7million

0% assets under management (AUM)

1.8% over 20-year term for first property

1.6% interest-only for second property

The client:

It’s not just foreign nationals buying in France that we can help; often French locals approach us rather than our competitors in the region due to our reputation for resolving complicated cases.

A French client came to me following a recommendation from a mutual contact. He was a successful property developer with experience buying on the Riviera who I then referred to the London team.

The property:

He was purchasing two properties in central Cannes valued and €1.1million and €600,000 that he intended to use as buy-to-lets as an income generator.

What were they looking for?

Enness has recently gained access to a mortgage product which allows for no assets under management (AUM) to be placed to secure a deal. The client was keen to exploit this exceptional offer.

Why was it difficult?

Buying two properties at the same time can be a complicated process. Also, the bank that he had always dealt with declined his application for finance on these two properties. He had multiple accounts with this bank and they wouldn’t allow for him to have any more. We would need to find him a new bank to work with.

The solution:

Enness managed to negotiate with a Monaco-based bank a rate of 1.8% on the €1.1million property and 1.6% on the €600,000 property. This was over a term of 20 years capital repayment, and uniquely with no assets under management (AUM).

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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.