Key figures:
- £8million Property
- 70% LTV
- No Assets Under Management (AUM)
- 1.8% + UK Base Rate
- 5 Years Interest-Only
What was the property?
An £8million property situated in North London.
Who was the client?
A high-profile individual who had just landed a new job within the same industry. He had been at his previous company for many years and had a healthy bonus history.
What were they looking for?
He was looking to secure property finance with high LTV and no AUM.
Why was this case difficult?
The lender required a typical three-year bonus history from the client in order to qualify for 70% LTV and no AUM. Due to my client recently moving jobs, he was therefore unable to prove his bonus history.
What was the process?
For this product, in particular, you must require a minimum loan of £3million, which is exactly what my client was looking for.
I also looked at his previous bonus history spanning 5 years, demonstrating a long-standing career and an excellent earning capacity, proving his affordability.
Furthermore, having approached the lender with my client’s CV, the lender realised they had secured property finance for several of my client’s new colleagues and knew that there was a solid bonus structure in place within the company.
The solution:
By taking a holistic approach and exploring my client’s individual circumstances, I was able to arrange 70% LTV (5.6million) with no AUM at a rate of 1.8 + UK base rate over 5 years, interest-only.
For more information, or if you would like to discuss your own property finance requirements, please get in touch on +44(0)2037589393 or email us at [email protected].
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