In this case, we were approached by a Jersey resident client who was looking to leverage an unencumbered property in Cheshire. The client was looking to extract some equity from the property for deployment in a separate business enterprise.
The client had three requests:
Being an UHNWI, our client is the archetypal private bank client and we were able to negotiate compelling terms with a number of lenders. The majority of lenders were pricing the deal at between 1.85% - 2.00%. After some negotiation, we were able to get an out of policy exception from one of our lending partners who were happy to offer a margin of 1.60%. The private bank was also happy to waive any penalty for early repayment.
It’s quite unusual for banks to secure credit on UK property where the individual is a non-UK resident, so we were very pleased to overcome that hurdle and secure some very attractive terms for our client.
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