Remortgage of luxury London property for Irish national
14th September 2018
THE SCENARIO
At Enness we are very proud of our rate of returning customers. I recently referred a client to the London office who had been a former client of my Managing Director. He was an Irish national but had a residency in the UAE where a lot of his business was conducted, but also spent a lot of time in the UK and Ireland. He was looking to remortgage a property from his portfolio – a luxury Mayfair flat valued at £7.2million – and was wishing to raise a large dry loan of around £4.5million.
The property in question is let in his company’s name and was undergoing lease extension from 55 years to 99 years which would cost around £500,000.
OUR SOLUTION
Cases that deal with numbers this high always have increased complications. It was clear that a lender would need to be found who would be able to consider these issues pragmatically. The team in London have a close relationship with a British private bank that allowed that they could capitalise on. We negotiated a rate of 3.25% plus BOEBR (Bank of England official base rate).
This was an ideal solution for the client, and we very much hope he will return to Enness again in the future for another case concerning his substantial portfolio.
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