A corporate services provider ('CSP') operating out of Monaco approached us. They were working for a Spanish client who was resident in Monaco. The CSP managed the borrower's various structures and needed to help their client obtain a mortgage to buy a London investment property.
The CSP had tried to source a mortgage, and they hadn't found a lender that could cater to the client. The borrower had no income as they were retired and were a UK non-resident with no UK credit footprint. The individual had generated significant wealth in their native Spain before retiring to Monaco. However, most of their wealth was illiquid, although significant future liquidity would be generated by selling a privately-owned business in Spain – an ongoing process.
The borrower was increasingly frustrated with how difficult it was to obtain a UK mortgage and find lenders that could take a broader analysis of their wealth and consider the proceeds of the sale of their business. The client understood this was not the CSP's fault but was very keen for them to find a solution.
The CSP approached us to help them broker finance. We immediately saw that a Private Bank would be best placed to support this kind of borrower – especially considering the future liquidity event due to the sale of the company, which was now well underway. The bank in question assessed the client based on their assets and global wealth, and the value of their business. We secured a loan of £3.15 million (75% LTV at 2.23% fixed for five years).
The borrower was aware of Enness’ involvement in the deal, but we delivered the solution exclusively via the CSP, who wanted to centralise and manage the project in exclusivity.