· Loan type: Private dwelling house residential mortgage
· Location; Scotland
· Loan amount; £1,000,000
· Lender type: International Private Bank
The borrower had moved from Sweden to Loch Lomond and needed to refinance his house in order to release funds to renovate the B listed building, enabling it to then become his main residence. The property was a substantial period property previously utilised as a youth hostel.
The borrower, an ultra-high net worth individual and foreign national, had no UK income to declare and so had to utilise his global income. This required the private bank to carry out extensive translation and information gathering from various EU countries, to ensure he was complying with various rules and regulations, and complying with lender affordability calculations. This was in addition to the recently tightened money laundering regulations.
Mark Reidy was called by the borrowers secretary as she was made aware of Conduit Finance from our website after a search of advisers who had experience sourcing finance through private banks. Mark approached a number of banks with the objective being secure a competitive refinance package to release £1,000,000 of capital from the property. These funds were used to repay the overseas directors loan – originally used to buy the property – and the remained of the funds were used for full renovation of the property.
After experiencing our service and our access to Private Bank mortgage lenders, the client said;
‘We like to thank you for all your help and efforts in finding a mortgage for our a-listed burnet building that was in need of a major renovation and updating. With your professional contacts to banks and private banks it was in a short time possible to get the right mortgage’
We are now looking to assist the borrower with commercial property acquisitions in order to grow his property portfolio.
If you are a business owner, entrepreneur or professional adviser seeking a mortgage solution that is bespoke then please contact Mark Reidy to discuss how we can assist.
Mark Reidy | Mark@ConduitFinance.com | 07919 863 034