International financial executive looking for £2m loan following relocation to UK
The situation?
A highly successful financial executive contacted me for help following their relocation to the UK from the United States. They required a high LTV mortgage for their new London property, paying for it with already obtained bonuses and intended UK salary. The property was priced at £2.7 million and the client required a loan of £2 million.
The client already owned a property in their home country, which – as it had no existing debt on it – I knew would be advantageous when presenting this case to lenders to help bolster their wealth profile.
The client’s bonuses to date have been paid in USD. Moving to the UK, the client was remaining in the same job but benefited from an increased salary and much larger annual bonus. For this facility, the client wanted to pay part of the loan in their USD savings, then the rest with their upcoming UK monthly income. Matching base rate in the US & UK can be complicated, therefore I needed to find a lender who would consider both currencies and be comfortable with a mixed income repayment plan.
The solution?
Due to the complexities of this case, a bespoke deal was required. I worked closely with the lender to fully present all aspects of the client’s income, including how they intended to repay the loan in dual currencies.
Naturally, this type of application required additional paperwork, including proof that the UK bonus would be larger than the client’s previous amounts. However, my hard work paid off as I was able to successfully achieve the requirements of the client with a facility that could offer them what they were after. The final facility was a 10-year term, 5 years fixed rate and 5 years interest-only.
The client was delighted and has successfully moved into their new London home.