We were recently approached by a resident and national of a high-risk Middle Eastern country who wanted to purchase an apartment in Paris.
Despite remaining fully compliant with all necessary AML, KYC and source of wealth requests, the client's connection to their homeland posed a significant challenge in their pursuit to obtain the most competitive finance package within the shortest possible timeframe. A further complexity the client experienced came in the form of their income, which is derived through several businesses based in the Middle East that are paid into an overseas bank account.
Understanding our client's circumstances and requirements, we assessed their global asset base to determine the best plan of action to raise the necessary liquidity. In this instance, our client had an unencumbered buy-to-let property in London that we were able to release equity from to fund their Parisian investment.
Enness' Dubai office approached a private bank with a strong presence in the Middle East that could assess and understand the client's background. Issuing credit-backed terms to the client within 48 hours of the meeting, we negotiated a 65% loan-to-value, interest-only loan with an interest rate of 1.45% + BoE Base Rate.
If you or your clients are based in the Middle East and are experiencing difficulties arranging UK property finance, please don't hesitate to contact us.