In this case, we were approached by an Italian national who was looking to refinance a bridge loan they had taken out to purchase a property at Eaton Square, London. The property was held in the client’s personal name and would be used by them when visiting London.
The deal was complicated by the fact that, other than the property in question, the client had no footprint in the UK. This, coupled with the fact that the client resides full time in Italy, discounted the majority of banks based in the UK, who do not normally lend to non-UK residents, specifically if there are few assets within the UK that can be looked to for comfort.
With the list of lenders shortened substantially, we needed to source a lender with a global footprint and pragmatic approach.
Having an office in Jersey gives us access to lending partners that are very comfortable with international clientele given the offshore structures that are administered in the Channel Islands. It was one of these partners that was happy to offer terms for this UHNWI.
Whilst the deal was complex; the margin was competitive, the service was first class and the deal closed without a hiccup.