Equity Release from a Property in Monaco
7th August 2023
Enness Global recently assisted in brokering an equity release for an apartment in Monaco. The client possessed an apartment valued at €14,000,000 and required immediate refinancing of an ongoing loan on the property, along with the release of additional equity. The client’s main priority was to receive the loan amount quickly and to ensure that the maximum amount was released. Additionally, it was crucial to find a solution that would allow the client to refinance their property within 12 months.
Enness managed to identify a lender that could release a loan in 2 tranches. A first tranche to cover the need of the client, and an additional tranche in 12 months that could allow the client to place the necessary AUM to a new lender and refinance his loan with a traditional mortgage. The purpose of all this was to ensure that the client would not have to contribute any personal funds when transitioning to the new loan. This was achieved by ensuring that the combined loan tranches would not exceed the maximum loan-to-value ratio of the new lender.
As part of our services, we made sure that the client’s new mortgage was transferable to the new lender. This way, they wouldn’t have to worry about paying additional notary fees if they refinance the loan. Additionally, the calculations were performed to ensure that the client could afford to cover both the principal amount and the interest and other fees associated with the bridge loan.
While most international bridging rates are at 1% per month, we negotiated a rate of 0.75% per month and an additional discount of 20 bps on the arrangement fee.
Enness is a broker that goes the extra mile to make sure that exiting the bridge process is smooth. Our expertise in international lending allows us to identify the best exit strategy and tailor the process accordingly. This helps you avoid any unforeseen issues while refinancing your bridge. While any broker can broker a deal, Enness ensures that the process of exiting the bridge is as smooth as possible.
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