International property refinance on €3,800,000 holiday home in Cannes

1st May 2017

Daniel Howarth

International property refinance on €3,800,000 holiday home in Cannes
Daniel Howarth

Daniel Howarth

Arranging international property refinance can be complicated for several reasons. The Enness International team are often approached by clients who have struggled to secure finance elsewhere, and we pride ourselves in using our expertise and unparalleled lender network to find solutions.

I recently assisted an American-Latvian national with refinancing an existing facility. His property had tripled in value after some construction work, and he was now looking to release equity. It was recommended that he approach Enness after a well-known high street bank had been unable to help him.

My client’s property was located in the north of Cannes. Used as a secondary residence and holiday home, the property was worth roughly €3,800,000. My client was an investment banker and the CEO of an investment advisory service in Geneva, Switzerland, who had enjoyed a distinguished career as a relationship manager for some top tier American banks.

The challenge my client faced in securing finance was he had an unusual income structure, which is the case for many of my clients. The majority of my client’s income came from property development and capital gains on his property portfolio.


I, therefore, needed to present this case carefully to secure the new facility. I advertised my client’s liquidity to potential lenders and highlighted that the current facility on his property was a low loan-to-value (LTV) because the property’s value had trebled since purchase. I was, therefore, able to find a lender who was willing to take a larger risk on the property. I secured my client a loan of €3,000,000 on an interest-only repayment basis, at a fixed rate of 2%, with €1,100,000 required as Assets Under Management (AUM).

This case was a clear example of how my international lending contacts enable me to solve unusual cases. In this instance, I used a specialist Monaco based lender which has a larger appetite for releasing equity at very competitive interest rates over a short term. As an additional point of interest, I arranged this with a French-speaking private banker—the Enness International team speak a wide variety of languages, which enables us to deal with lenders across the world.

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The Global High  Net Worth  Mortgage Guide

The Global High Net Worth Mortgage Guide

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