London broker arranges record breaking £25m mortgage

A London based mortgage broker has reinforced their reputation for high net worth expertise by successfully completing a record breaking advance for Enness Private Clients.

Related topics:  Mortgages
Amy Loddington
10th January 2014
Mortgages

The high value mortgage specialists spent five months working alongside their client and a leading private bank in order to finalise a £25 million loan facility.

The multi million pound loan, secured on two prestigious properties in Belgravia, is the largest loan that Enness Private Clients have ever arranged. Despite a number of hurdles along the way and the complexities involved in broking a deal of this size, the high value mortgage experts were able to secure their client the funds he required on an interest rate that would be the envy of many homeowners.

David Habib, the broker who arranged the £25 million facility, said:

“Our client, a non-domicile, non-resident British national, approached us in the summer of 2013 as he wanted to speak to a brokerage who had wide experience in the large mortgage market. Having spoken to several brokers, the experienced landlord and property developer engaged us as he was impressed by our knowledge and professionalism. He was looking for a facility secured on an existing rental property and a property in the midst of a major refurbishment, worth a combined £50 million.”

“There were many issues to overcome, not least the client’s age and the fact that much of his income was derived from the rental income generated by the properties. However, using my contacts at a range of global banks I was able to put together a solution which satisfied the client’s capital requirements as well as giving him the flexibility to draw additional funds in the future.”

While many lenders were reluctant to commit to such a large loan with the larger London property yet to be rented, David was able to negotiate a deal with a leading private bank. The client’s initial £25 million loan – agreed on an interest only basis at a rate of just 2 per cent over LIBOR - allowed him to repay his existing lender and raise some capital for future projects. He also retained access to a further £5 million on a lombard loan facility, at a rate of just 1 per cent above LIBOR.

“It is certainly the most complex deal I have ever been involved with,” added Mr David Habib, the million pound mortgage specialist. “However, our expertise in the large mortgage market meant that I was able to negotiate exactly what the client wanted, not simply get him the best deal that a bank was prepared to offer.”

Islay Robinson, CEO of Enness Private Clients, said:

“David has worked extremely hard for his client over several months and it is testament to his professional knowledge and persistence that the deal went through smoothly. It also underlines our reputation for being the first port of call for high net worth borrowers looking for a multi million pound mortgage.”

More like this
Latest from Property Reporter
Latest from Protection Reporter
CLOSE
Subscribe
to our newsletter

Join a community of over 30,000 intermediaries and keep up-to-date with industry news and upcoming events via our newsletter.