Enness Private Clients arranges £25 million loan – biggest in its history
One of our final deals of 2013 reinforced our reputation for high net worth expertise as we successfully completed a record breaking advance. For five months we worked alongside our client and a leading private bank and, just before Christmas, we finalised a £25 million loan facility.
PR9.NET April 03, 2014 - One of our final deals of 2013 reinforced our reputation for high net worth expertise as we successfully completed a record breaking advance. For five months we worked alongside our client and a leading private bank and, just before Christmas, we finalised a £25 million loan facility.
The multi million pound loan, secured on two prestigious properties in Belgravia, is the largest loan that Enness Private Clients have ever arranged. Despite a number of hurdles along the way and the complexities involved in broking a deal of this size, we were able to secure our client the funds he required on an interest rate that would be the envy of many homeowners.
David Habib, the broker who arranged the £25 million facility, said: "My client a UK-domicile, non-resident British national, approached me in the summer of 2013 as he wanted to speak to a broker who had wide experience in the large mortgage market. Having spoken to several brokers, the experienced landlord and property Developer engaged me as he was impressed by my knowledge and professionalism. He was looking for a facility of around £25-30 million secured on an existing rental property and a property in the midst of a major refurbishment, worth a combined £50 million."
"There were many issues to overcome, not least the client's age and the fact that much of his income was derived from the rental income generated by the properties, which had been sold to complete the major refurbishment. However, using my contacts at a range of global banks I was able to put together a solution which satisfied the client's capital requirements as well as giving him the flexibility to draw additional funds in the future."
While many lenders were reluctant to commit to such a large loan with the larger London property yet to be rented, David was able to negotiate a deal with a leading private bank. The client's initial £25 million loan – agreed on an interest only basis at a rate of just 2 per cent over LIBOR – allowed him to repay his existing lender and raise some capital for future projects. He also retained access to a further £5 million on a lombard loan facility, at a rate of just 1 per cent above LIBOR.
"It is certainly the most complex deal I have ever been involved with," added Mr David Habib, the million pound mortgage specialist. "However, our expertise in the large mortgage market meant that I was able to negotiate exactly what the client wanted, not simply get him the best deal that a bank was prepared to offer."
Islay Robinson, CEO of Enness Private Clients, said: "David has worked extremely hard for his client over several months and it is testament to his professional knowledge and persistence that the deal went through smoothly. It also underlines our reputation for being the first port of call for high net worth borrowers looking for a multi million pound mortgage."
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About Enness Private Clients
We are an independently owned and completely impartial large mortgage brokerage based in Central London. Our clients are based all over the world and are from all walks of professional life. Their requirements range from simple residential refinance, to complex multi-million pound purchases using a range of assets and lenders.
One of our main strengths is that we have access to one of the largest networks of lenders in the industry. Our lenders range from those that you find on the high street to the major global investment and merchant banks. These range from those found in the Channel Islands, to Europe and the USA, to banks from the Middle and Far East, and even Africa.
The fact that we have access to every lender who lends against UK property means that we can source the best possible interest rate or find a resourceful solution to the most challenging requirements. Every week we’re placing mortgages ranging from £500,000 up to millions of pounds.
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