An international buyer resident in the United Arab Emirates was looking to refinance his unencumbered family home.
The client was an ultra-high net worth individual with income generated in a high-risk industry which many lenders were not comfortable with.
The £4,250,000 property was owned through a BVI company structure and the client wanted to raise 65% loan-to-value (£2,750,000).
One of Trinity's directors secured the mortgage with a private bank and it did not require any assets under management as part of the transaction.
The rate was 2.5% above LIBOR (currently 0.8%) over a five-year interest-only period. The overall cost for comparison is 3.8% APRC representative.
Property type: Large house
Rate: 3.30% - currently 2.5% above LIBOR (0.8% variable) for five years.
Reversion rate: N/A.
The overall cost for comparison is 3.8% APRC representative.
Lender’s arrangement fee: £27,000
Mortgage term: 5 years
Repayment type: Interest-only
Early repayment charge: No early repayment charges.
Representative example: A mortgage of £4,250,000 payable over 5 years, initially on a LIBOR tracker basis for five years, would require 21 quarterly monthly repayments of £23,000. The overall cost for comparison is 3.8% APRC representative. The total amount repayable would be £3,275,558 plus fees of £27,000.
Affordability is calculated on an individual basis. The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
Call Trinity Financial on 020 7016 0790 to secure an ultra-high net worth mortgage