€3.1million purchase and renovation of French Riviera villa

24th June 2018

James Ashe

€3.1million purchase and renovation of French Riviera villa
James Ashe

James Ashe

Enness clients arrive at our door in a variety of ways; a recent client got in touch after meeting our Managing Director Hugh Wade-Jones at an event in Monaco. My client required a loan to cover the purchase and renovation of a villa in the French Riviera.

My client was the CEO of a commodities trading house based in Dubai. An extremely successful man, he had both residential and commercial properties in Switzerland, the USA and the Middle East. The property in question was a beautiful period villa just outside Monaco which was valued at around €1.4million. The renovations were set to cost €1.7million, a total of €3.1million. My client was looking to achieve a 100% loan to value (LTV) for the purchase and renovation of this property, so the pressure was really on.

He was truly international in his profile. With exposure across three continents and a complex income structure, this case was certainly not going to be straightforward. With income paid from the Middle East to Switzerland, my client had a highly tax-efficient payment scheme.


Though situations like this can sometimes cause consternation with lenders, at Enness we are fortunate enough to be able to rely on an exceptionally wide variety of lenders internationally with whom we are able to work closely. I approached a local lender who specialized in facilitating large loans and presented the case. My client was transparent with paperwork and documentation, meaning that the lender was only too happy to help.

With the European interest rate (EURIBOR) in negative figures at the moment, I was able to secure exceptionally favourable rates for my client.

I was able to achieve 100% LTV for the renovation and purchase of the property on a 1.6% bullet repayment scheme on a 5-year term. Unlike a lot of French lenders, my chosen bank did not have a very large appetite for Assets Under Management (AUM) so my client was able to leave just 30% of the loan to cost (LTC) amount in AUM- a great result with French lenders.

Needless to say, my client was delighted with the result and has already asked Enness to help with another refinancing project he has in the pipeline.

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