In this instance, we were approached by an Isle of Man fiduciary on behalf of their client. The client wanted to bring their property onshore as it was no longer cost-effective to have it held in the Isle of Man following new tax laws.
The property was held in an offshore SPV which they wanted to maintain, but they did not want it to be held by a trust any longer. The client approached us looking for a lender who could do a loan at this level and would feel comfortable with the Isle of Man SPV.
The client was an ultra-high net worth individual who had successfully sold a company and was now focused on high-end property investments. The property value in this case totalled £13,850,000, including a 5-bed terrace in St. John’s Wood and a 6-bed terrace in South Kensington.
With elegant villa-style housing that sweeps along the side of Regent’s Park and an attractive high street filled with boutiques, St John’s Wood is one of the city’s most upmarket residential locations.
South Kensington is another of the capital’s most important cultural hubs and, unsurprisingly, one the central London’s most desirable residential areas. With its close proximity to the historic and beautiful Hyde Park, this affluent pocket of London attracts buyers from around the world.
While we have very strong relationships with traditional banks, we are experts in creating bespoke financial arrangements, through private bank and niche lenders, for those with less than straightforward financial structures. At Enness, we take the time to wholly understand the finances of our clients. We want to ensure our clients are always provided with bespoke financing at the best cost.
In this case, we excelled in arranging a mortgage at a competitive 2.75% interest rate above base. The client was delighted we had facilitated a smooth transaction and overcome all the difficulties at hand.
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