A client recently approached Enness thanks to our reputation of being able to find solutions to complex situations. My client held a senior investment banking position at a major worldwide bank and was looking to raise funds to self-build a family home.
The land they wished to build on was located in Kent and was valued at £1.475million with a projected property value of £2.95million. To make the most of the opportunity presented to them, they required a fast turnaround on the mortgage and wanted the funds within four weeks from the initial enquiry.
However, a challenge was presented when it came to the freeing up of other assets in order to fund the build. My client already owned two other properties – one of which was their current main residence – and they needed to sell their holiday home in advance of starting the project. This sale was delayed so they needed to find alternative funds urgently.
Thanks to our vast network of lenders, I was able to source one who was able to help because of their ability to take a more rounded view of my client’s situation. I managed to agree on terms so the plot of land was taken as one of the securities, along with his current main residence. Taking land as the collateral is not something many lenders are happy to consider so this was a great result. Another thing they were able to do for my client was to take two collaterals as combined security resulting in my client having to make only one application.
I negotiated for a significant discount on the interest rate, but instead of providing the loan on day one, my client was provided with an overdraft facility, meaning he only paid interest if he drew the funds down.
To turnaround funds within four weeks is a challenge, so it was a great result to move so quickly and make the process as stress-free and smooth as possible for the client.
My client was very impressed with the service we delivered and pleased I had found a private bank that would be able to assist with his future property acquisitions.
France is one of the most popular property markets for foreign nationals: we are all aware of the chic appeal of Paris, the enduring allure of the Riviera in the summer or the freshness of the mountains in winter.
Covering everything from search and negotiation to making an offer and the legal processes, the guide will help you fulfil your dream of property ownership in France.