Refinance loan for high net worth foreign national clients with complex income

THE SCENARIO

I was recently contacted by one of Enness’ trusted introducers, a wealth management firm with whom we are on excellent terms. They wanted us to assist a very high net worth clients’ family refinance on one of their London properties for the purposes of pension and tax planning.

The family in question held dual nationalities and had made a vast amount of money through private equity dealings within emerging markets and, as a consequence, had an extremely high value property portfolio in Prime Central London (PCL). The wealth management firm recommended raising the figure of £21million by refinancing another property they owned in PCL, valued at £28million.

Being politically exposed, however, confidentiality and privacy was paramount, and though this had to be respected, it made extrapolating the relevant information somewhat trickier. My client was also very sensitive on pricing, so I had to make sure I was only getting the best rates on the market. Their assets were tied up in various complicated trust structures, which had to be dissected and analysed before any loan negotiations could begin. Furthermore, I had very little direct contact with my clients and all meetings were conducted through their aides at the family’s London office.

Over the following weeks we held numerous meetings and conference calls with the family attempting to gauge exactly how and why their family wealth and trust structures were set up. This had to be done before we approached any lender so we could be in a position to acquire the best rates for my client, something which was very important to them.

Finding a lender who can deal with complicated income structures is sometimes difficult, luckily at Enness we have an unusually large network of lenders and an unparalleled pool of expertise so I knew exactly where to go to find the best rates.

I approached a large multinational bank, perfectly at home with complex income structures, and, assisted by the information which stemmed from the meetings I held with my client’s aides, was able to negotiate a very favorable loan for my high net worth clients.

The terms of the loan gave the full amount of £21million at a rate of 2.25% + LIBOR over a 5-year term with £5million assets under management.

This hugely complex case was resolved very successfully and my clients were delighted they had found the best rates on the market.

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