£800,000 for Swiss HNW client looking to purchase PCL home
The situation?
I was approached by a Swiss HNW client, looking for £800,000 to purchase a new family residence in central London for just over £2 million.
As a successful businessman, the client had been employed in his native country for many years, obtaining an income in Swiss francs. However, a move to the UK 18 months ago prompted him to become self-employed and as such, is now receiving his income in GBP. Having been self-employed for less than 18 months, the client only had trading accounts for one year which is less than most lenders would typically accept.
The solution?
Having strong and established relationships with most private banks, I was able to approach them directly to explain the client’s situation in full. For many, the issue was the ‘lack’ of income during self-employment, despite the client having a wealthy financial profile to support them.
Speaking directly to underwriters, I was able to demonstrate the strength of lending to this client. After explaining all aspects of application, one private bank was willing to take a holistic view of the client’s wealth, and committed to providing the facility.
The full £800,000 was obtained on an interest only basis, at a competitive rate despite current market conditions. I was also able to negotiate no early repayment charges.