Milan, the capital of the Lombardy region, has attracted more than its fair share of high-net-worth investors over the years. The lifestyle, culture, architecture, and developing luxury property markets have created a very strong magnet for overseas investors.
In this case, we were contacted by an Australian national and UK resident who was in the process of acquiring Italian residency. The client was looking for a 70% LTV Italian mortgage to purchase a charming apartment in Milan worth €2.8million. The client was employed as a partner of a financial advisory, drawing down both an annual salary and a profit share of approximately €1.9million.
It is fair to say that the likes of Italy does not have a traditional banking community which is as developed as the UK. Due to the specialist nature of the Italian mortgage market, property finance tends to come from the private banking sector. Moreover, private banks are also more understanding of bonuses and regular payments aside from traditional salaries.
Here at Enness, we have a very strong working relationship with many private banks, we know the information they require, the best banks for your situation, and how to present your finances in the best light. After a careful evaluation of the client's financial situation, we got in touch with an Italian private banking group that was comfortable lending to a non-resident borrower. The lender issued a competitive variable rate mortgage which allowed the client to realise their plans.
Why not call one of our experienced brokers today for a no-obligation chat? You can discuss your specific circumstances, your aims for the future and we will advise you of readily available solutions.