Middle Eastern HNW Resident Seeking Commercial Remortgage of Retail Investment Property
5th March 2024
Key Details:
- Client: HNW Middle Eastern Resident Property
- Value: Approx. £4,000,000
- Loan Amount: Approx. £2,000,000
A client with a Limited Company and a shareholder who was a HNW (high net worth) Middle Eastern Resident, approached us after their UK complex had moved on to a Standard Variable Rate of circa 15% with their existing mortgage lender. The clients were seriously considering selling the property at auction. Still, they wanted to speak with Enness Global to see if there were any competitive products available to them that would reduce their interest payments.
The main shareholder was a Middle Eastern Resident, to whom there are a limited number of competitively priced Commercial Mortgage options.
Enness presented the clients with two sets of terms: a variable rate at circa 2% over the Bank of England Base Rate with a 1% product fee and a three-year Fixed Rate of circa 7% with a 2% product fee. The clients were delighted to proceed with their preferred option as their monthly interest payments were reduced by approximately £11,000 It also gave them certainty of outgoings for multiple years whilst allowing them to benefit from the impressive yield of an asset they had owned for several years.
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