HNW US clients seek £3.4 million UK mortgage for prime central London purchase
The situation?
I was contacted by wealthy self-employed clients, television and film executives in the TV and film industry, who had moved to the UK from the US 18 months ago to work on a new project. Through their company, they had been contracted to work on a major project the following year.
They were looking to borrow £3.4 million for the purchase of a stunning prime central London townhouse.
The main complexity was that the clients had no UK income. All income was received in dollars paid by US based clients. In this situation, lenders can push back against applications due to the volatile fluctuations of the dollar. It can be difficult to prove a certain level of income when the fluctuations occur, so some lenders need to assess applications differently.
I needed to prove to the lender that despite the fluctuating dollar, the clients had a substantial amount of liquid assets that could be used if necessary.
In situations such as this, it’s important for me to thoroughly evidence the clients’ full wealth portfolio. This included full income and assets with a HNW exemption.
The solution?
Through leaning on long-standing relationships with private banks and specialist lenders, I was able to contact an underwriter directly to discuss this application in detail.
The high-value loan was successfully agreed at £3.4m. The facility was part interest-only and part repayment. By securing this loan, the clients were able to form a private banking relationship in the UK, working with a dedicated banker who had vast experience in employment their sector.