Key Facts
- Introducer: Dubai-based real estate agent
- Client: UAE national & resident
- Property type: Buy-to-Let Central London Property
- Property value: £2,340,000
- Loan: £1,521,000
- LTV: 65%
- Interest rate: 2-year base rate tracker 1.45% + BOE
- Repayment: interest only
A Dubai-based property agent introduced us to a client that was looking to purchase a new-build apartment in London’s popular Battersea Power Station development. Power Station properties (as well as properties in the surrounding area) are especially attractive for investors at the moment, as they provide some of the highest rental yields in London.
Our client was a successful Emirati businesswoman who is a prominent figure in the Middle East beauty industry. Whilst she has a profitable buy-to-let portfolio in Dubai, it was her first time investing in the UK market, and she needed a broker to guide her through the process.
The case was complex deal due to a number of factors, mainly because the client was a self-employed foreign national earning in dirhams with no UK presence or credit footprint. Many lenders also consider the UAE as a high-risk jurisdiction at the moment. However, we managed to place the case with a private bank who has a representative office in Dubai. The lender met the client and got comfortable with her business and income structure, and we were then able to arrange an offer of 65% LTV and one the lowest tracker margins available on the market.
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