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 in question was a magnificent villa located in Cannes and valued at €6.6million.
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.
His bank needed him to refinance as quickly as possible as they were declining many clients that did not enter in their new criteria.
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. Learn more about securities-based lending (Lombard finance).
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.