Sam Dore
Enness recently had a client reach out to us looking to acquire a property in a prime location in Italy. The property's intended use was for holiday purposes, as the client enjoyed spending their holidays in Italy with their family. Additionally, once the children grow older, they will consider relocating there.
After careful consideration, the client identified a villa with an approximate value of 3,000,000 EUR. Their primary focus of the loan was to secure the most favourable interest rate possible, with a preference for an interest-only loan structure devoid of any amortization schedule. Enness successfully identified a lender capable of accommodating the client's specific requirements.
The proposed financing arrangement from the bank included a margin of 1.25% (in addition to EURIBOR 3 months) for a 7-year interest-only loan term. Notably, the bank offered to finance the entire purchase price, contingent upon the client establishing a private banking relationship equivalent to 30% of the loan amount. Furthermore, the bank demonstrated flexibility by accommodating the purchase through a corporate structure rather than the client's personal name.
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