Refinance of €7million property in Monaco for Russian client

THE SCENARIO

Organising property finance for so-called ‘high risk nationalities’ can be a significant challenge unless you have a solid network of contacts in the banking and finance world. This can be even more complicated if the client is resident in another country. Enness International recently secured a mortgage for a Russian Client who was also a Swiss Resident.

This client approached me to enquire about property mortgages in Monaco, visiting our local office to explain his situation. He was a successful businessman and had a property in Monaco valued at €7million. However, he was looking to generate some liquidity, and therefore wanted to refinance this property.

His current mortgage deal was also less than favourable; he had a loan of €4.8million with €4million worth of assets under management (AUM). He was introduced to Enness by a real estate agent, who advised that our team of brokers might be able to help him source a better arrangement.

OUR SOLUTION

I referred this case to the Enness brokers in London and they were happy to assist. After liaising with banks, the Enness International brokers were able to organise a loan of €4.5million, with an AUM pledge of just €1.3million. Organising the best mortgages in Monaco is much easier when you use a broker who has the relevant contacts, as this outcome proves.

This would be on a 5-year variable rate, which was a flexible solution. Ultimately, this was a much better deal for this client and a fantastic outcome. Russian clients can be very difficult to place, but fortunately this was a good product from a bank with a strong international presence.

No matter the complexity of your case or profile, it’s likely that the Enness International team can find a solution to fit. If you would like to know more about property mortgages in Monaco, I would be happy to meet with you to discuss your options further.

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