Securing £1.5m for clients with foreign income & expiring visa
The situation?
I was approached by my HNW clients looking to purchase a stunning 4-bed detached prime residence in South-East London for just under £2 million. The loan they were looking to obtain was £1.5 million, 75% LTV of the purchase price.
Applicant one is a UK citizen and applicant two is a US passport holder on a tier two visa. Both are successful partners in a Big 4 accountancy firm, receiving healthy base salaries and fluctuating bonuses.
This deal was nuanced due to the fact, applicant one works for the Swiss office and is subsequently paid in Swiss Francs. In addition, the US applicant’s visa had less than 6 months remaining which in turn refined my search for a suitable funder.
The solution?
Leaning on my experience of complex deals within this space, I had selected a small pool of lenders with appetite to lend against foreign currency and who could take a view lending on a visa which was close to expiry.
I had already obtained a mortgage for my client’s colleague and therefore had a deep understanding of how my client’s income was going to be assessed, providing reassurance to my client that the chosen lender was the most suited. This enabled us to move quickly once the offer was accepted.
By working closely with the chosen lender, I was able to pre-agree the case with access to senior bank personnel pre-submission, thus avoiding any bottlenecks on execution.
The final facility was an extremely competitive two-year fixed rate, at 75% LTV on the required level of debt. Continuous correspondence with all stakeholders involved ensured we progressed to completion within two months of submission.
This facility supported my clients in securing their dream home, and the service myself and the team provided enabled them to complete quickly on a property in extremely high demand.