€16million Monégasque villa remortgage for foreign national

THE SCENARIO

An international client was recently introduced to us by a wealth management company based in Monaco. He required help raising €11million on a villa he owned in Monaco worth €16million. My client is politically exposed with connections in his national government, so absolute confidentiality and discretion were essential for his very important profile.

The original loan on this villa was under his partners’ name who had no income. It was important for him to complete a personal guarantee on the required loan and ensure it was still under his partners’ name once his existing deal came to an end.

The fact my client was a politically exposed person had the potential to be a challenge when getting past compliance with a bank, as these individuals tend to be very private about their wealth. However, in this instance my client was very open and happy to provide the necessary information.

After trying multiple lenders, I was able to engage with the only lender who was comfortable with my client’s profile and politically exposed status. Because of our existing relationship and the overall wealth of the client, this lender was open to him from the outset.

The lender was willing to provide a complete 100% loan to value (LTV), keeping €5million of his assets under their management and €11million for the refinance. I managed to secure an interest only facility for my client on a 5-year tracker product with a rate of just 1.75% over Libor.

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