Key facts:
- Property type: New build luxury apartment, Kensington
- Property value: £8,000,000
- Loan amount: £5,625,000
- LTV: 70%
- Interest rate: 1% per month
- Term: 6 months
In this case, we were approached by an individual who is resident in Dubai and who had agreed to purchase a new build apartment at a luxury development in Kensington. The completion date was fast approaching and the client had yet to organise the finance required to complete the purchase. With time running out and the risk of penalties being levied, we recommended that the client take out a bridge loan to enable completion, following which we would organise conventional mortgage finance to exit the development bridge loan.
Whilst the client resides in Dubai, they were born and had spent significant time in Pakistan, which is where a large portion of their wealth was accumulated through generations of family business. Our expertise in complex, cross-border transactions enabled us to understand and obtain all the information required to satisfy our own, and the lender’s, obligations for this type of transaction.
We were able to negotiate a LTV of 70% for this high value asset, and with all parties pulling in the right direction, had the valuation, legal work and funding in place for the required completion date.
If time is of the essence, we have ready made solutions that will enable deals to complete by the tightest of deadlines. Read more about property development finance.
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