An enquiry was received from a corporate services provider headquartered in Jersey. The CSP administered a Jersey registered company for the UBO, who is a high profile Egyptian national. The company held a beautiful property in London. We had previously arranged a bridge loan for said borrower, and it was time to organise a traditional mortgage to replace the short term finance that was due to expire in the near future.
- North African UBO
- Founder of a Public Company
- Jersey SPV
- Jersey Corporate Services Provider
- £6.15m Investment Property
- Prime Central London
- 5 Years, Interest Only
- 65% LTV / 2.40% + SONIA / 0.50% Fee
- No AUM
The transaction was complicated by the well documented demise of the Egyptian currency, which is the currency in which the UBO earns their income. With the mortgage being in GBP, uncertainty around EGP meant that many lenders had concerns around affordability and repayment vehicle.
We needed to properly understand the business that provides the UBO’s income. After some substantial due diligence, we were able to evidence that whilst the parent company transacted in EGP, a number of group entities transacted in other more stable currencies.
Armed with this information, we were able to re-start negotiations with a number of lenders who were now willing to take the transaction forwards. One such lender had operations in Egypt and knowledge of the business and the UBO. Unlike the majority of lenders, this institution did not require AUM. After a number of meetings between all parties, both the bank and the client were willing to proceed on the terms negotiated.
This transaction evidences our ability to think outside the box when up against difficult global market conditions, and shows our commitment to ensuring that our clients see favourable outcomes, no matter their circumstances.