I have just completed a mortgage to capital raise for an expat. This particular client had been residing in Dubai for 3 years and was looking to remortgage; capital raising an additional £200,000 on top of the existing mortgage to replenish his bank account after spending his disposable funds to renovate his buy to let property in Notting Hill. The property was valued at £1.8 million.
He had previously spoken to a couple of lenders, however they were not happy to release funds at this level without considerable due diligence. A capital raise for an expat is very tricky to arrange due to the stringent anti-money laundering guidelines that apply to raising money in one country for immediate transfer to another country. For that reason the pool of lenders willing to be involved in this transaction were fairly limited and my client had difficulty completing their thorough requirements from overseas.
To secure this capital raise for an expat in Dubai, at this level, I needed to paint a detailed picture of my client’s overall wealth and situation. I therefore directed him to provide thorough evidence to demonstrate not only had he spent £200,000 of his personal funds renovating the property but also how he had obtained the money in the first place and what his plans were when those funds were replenished. A considerable amount of paperwork.