£3.29m total new build purchase for ultra-high net worth Kuwaiti national


I recently helped an ultra-high net worth Kuwaiti client who was referred to me due to my professional relationship with the developer, so she could purchase two new build properties worth £1.95 million and £1.34 million each.

Both these properties had recently been down valued by 30%, so her existing bank was only willing to lend up to a maximum of 60% loan to value (LTV) on the reduced value of the properties, rather than the purchase price. This left my client with a shortfall in terms of borrowing and significantly reduced the number of lenders willing to accept her application.

However, I was able to get the properties re-valued to slightly higher than the original valuation at 70% LTV. I also managed to secure a term that was much cheaper than what her existing bank was willing to offer, by engaging with an offshore private bank based in Jersey instead.

As my client was Kuwaiti, this was much more beneficial from a tax perspective for a non-UK resident and meant we could work solely from an accountant’s’ certificate for affordability – something that almost every UK bank will not do.

This was also an excellent example of the specialist and extended service available from a private bank, as the lender was happy to fly out to Geneva to meet my client while she was staying there.

If that wasn’t all, I negotiated an all-in rate of 2.82% on a capital and repayment basis with a 25 year term, which was 2.5% above the bank’s cost of funds and came with a 0.5% arrangement.

My client had also been served completion by the developer, requiring her to complete within a certain timescale. I was able to have this extended purely because of my relationship with the developer.

This was an excellent result considering the bank’s usual term is a 3% cost of funds rate and 1% arrangement fee, providing a very significant saving for my client, especially due to the size of the loan.