My client wanted an £8.8 million mortgage against a property valued at £14 million.
Residential mortgages at this level tend to require professional assistance and a full assessment as personal income is seldom sufficient to cover the mortgage on its own.
Due to the nature of this multi-million pound mortgage my client was unable to secure a deal from a high street lender that suited his needs.
We were able to secure this large mortgage by presenting a case based on our client’s income from a commodities fund based offshore, as well as rental properties abroad.
We managed to find a private bank that was willing to negotiate an interest rate of 2.1 over euribor for 5 years interest only.
The client was also required to give custody of background assets to the lender. This was solution that he was very happy with this solution and it was one that he was not offered elsewhere.