€4.3million refinance on Monégasque penthouse for Russian national

THE SCENARIO

Recently a client was referred to Enness, looking for specialist help to secure a refinance his Monégasque Penthouse in the exclusive area of Cap Martin. In my client’s native Russia, he owned a large business within the retail sector which had been enormously successful in exporting to Europe and owned further businesses around Russia.

My client was looking for a refinance loan of around €4.3million secured against his Monégasque Penthouse, a property worth €4.9million. There were, however, a few hurdles which needed to be overcome before terms could be agreed.

My client’s Russian nationality posed the initial problem. Indeed, the reason he sought Enness’ help in the first place was because his bank in France was moving to a position in which they were reluctant to have Russian clients on their books.

Furthermore, French lenders have been reluctant recently to lend to Russian nationals. Even with my client’s financial profile and sturdy business record, finding the right lender for my client was going to be challenging.

Fortunately, at Enness, over time we have built up an unusually large network of lenders with whom relationships have been nurtured and maintained. I knew of a lender based in Monaco whose specialty was assisting Russian national clients find terms which are otherwise unavailable to them, and the bank was happy to help

Having a close relationship with this bank was absolutely critical in securing my deal. This bank has referred business to Enness in the past and I was keen to help nurture this relationship further. In fact, after I had made the initial inquiry, it transpired that both my client and lender were in Russia at the same time, so a meeting could be arranged between client and lender, face to face and on home turf, which, I believe went a long way to helping us close the deal.

I was able to secure very good terms for my client.

  • €3million refinance
  • 1.5-2% fixed rate
  • 5-years interest only
  • 50% loan amount required as assets under management (AUM)

Needless to say my client was delighted with the result and I look forward to working with him again.





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