€3.85million refinance and equity release on French Riviera properties

THE SCENARIO

After a personal referral from an introducer in the French Riviera, I got working on one of the trickier cases to fall on my desk. Two South African nationals who had been residing in France for a number of years were looking to both refinance an existing mortgage and release equity to carry out renovations on their main residence, all under a different lender from their current provider.

My clients had a successful business in their native South Africa as well as a property portfolio in Southern France worth in excess of €10million. They required €2million worth of refinance, €1million for renovation and a further amount released with Assets Under Management (AUM).

Some matters needed to be addressed before I could negotiate the best deal for my clients. First of all, my client was unable to provide an up to date tax return from South Africa. With this in mind we had to find a lender who could be satisfied by a combination of bank statements and a letter from his accountant.

Secondly, with their current lender my clients were asked to bring forward €1million of fresh AUM something which they were not willing to do. My clients could only bring forward €150,000 of fresh AUM and needed to borrow the remaining sum.

Finding a lender to facilitate these two requirements would be hard, but at Enness we pride ourselves on being able to deliver even in the trickiest of cases. Due to our extensive network of lenders, I was able to select a Monegasque lender with whom I had a good relationship and explain my client’s situation.

Not only was the lender willing to work off the accountant’s letter and bank statements thus omitting the need for a recent South African tax return, but they were also willing to accept my client’s €150,000 AUM proposal and allow my clients to borrow the bulk of the AUM, taking my clients up to their required capital loan amount.

The lender was also perfect because their product did not have any early redemption penalties, which was crucial because my clients were planning to sell one of their properties in the near future which will act as the exit.

My clients received the full €3.85million amount for renovation and refinance on favourable terms.

My clients are ecstatic and look forward to seeing the results of their main residence’s renovation.





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