€6.6million refinance on Cannes property for British expat in Monaco

Key figures:

• €6.6million Cannes property
• €4.15million refinance
• €850,000 placed as Assets Under Management (AUM)
• 1.45% for 5 years

The client:

The client was a British national now based in Monaco. We came into contact through Enness’ Managing Director who he had conversed with over LinkedIn.

The property:

The property in question was a magnificent villa located in Cannes and valued at €6.6million.

What were they looking for?

The client was looking to refinance at around 60% loan to value (LTV) in order to raise enough equity to cover some outstanding debt.

Before meeting with Enness, he had approached several different lenders who either declined his remortgage application or would not be able to complete in time.

Why was it difficult?

His bank needed him to refinance as quickly as possible as they were declining many clients that did not enter in their new criteria.

What was the process?

Enness has a close relationship with a certain bank based here in Monaco, with whom the London team were able to have a respectful negotiation with. Enness, therefore, suggested that he place £850,000 of assets under management with this bank which provides security for repayment.

The solution:

The London team negotiated that the lender offer €4.15million refinance amount. This was 62% LTV, exceeding the client’s desired LTV. We secured a rate of 1.45% over a 5-year Euribor (Euro Interbank Offered Rate) variable.