I was recently approached by a Russian national and resident, who had been referred to me by one of our partners. My client had been working in Moscow’s financial market for over 10 years, and had accumulated a significant income. With a generous annual bonus income too, my client now was looking to invest in an apartment within a luxury chalet in the French Alps, to act as a holiday home as well as an investment.
This gentleman had his sights on not one, but two of these beautiful chalets, and had bid a total of €9million for the pair. In order to complete on this purchase, my client was looking to borrow a total of €5million. My client had already been refused by a lender, as a large portion of his assets under management (AUM) consisted of Russian stocks and bonds, which were considered an unorthodox collateral by many banks.
In order to overcome this issue, I approached two lenders who have dedicated Russian lending teams, and so were specifically geared to aiding Russian and other Russian Commonwealth clients to secure finance with unorthodox collateral. Both of these lenders were prepared to consider his Russian bonds and stocks as part of his AUM.
I had a very strong and personal working relationship with private bankers from each of the two lenders whom I approached. Due to this, I knew both gentlemen regularly travelled to Moscow for business, and so arranged for them to meet my client in the Russian capital. Unfortunately, my clients working schedule had meant he was away from Moscow on the occasions when each of the lenders were in the city.
Despite this, I was able to secure fantastic rates for my client through my strong connections with both of these lenders.
The first lender offered an interest only product over 7 years at:
My contact at the second private bank also offered an interest only product, however this one was over 5 years:
These rates came at the delight of my client, who was surprised at how quickly I was able to secure these offers, in spite of his unorthodox AUM collateral.
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.