Did you know we also help international clients source property finance?
Our recent client was a UK National but Qatari resident with income paid in Rials. They had previously approached Coreco in need of a Sharia mortgage for a property in Scotland. A Sharia mortgage is a mortgage which doesn’t involve paying interest because it is forbidden under Islamic Sharia law. They now needed to refinance a high value Central London property for capital raise purposes to enable the development of the property with the Sharia mortgage on it.
The client was looking to raise and additional £1.5 million against their London property. However, high end central London values took a hit across last year and due to a lack of international travel alongside ongoing Brexit issues, the property valuation dropped to £7.5 million from £11 million in 12 months.
In addition, the client’s affordability was a constraint due to high personal staff costs, the second home and high spending habits.
Specialist adviser Stuart Ockleford knew he not only had to source a multi-million-pound mortgage, but it also needed to be with a lender who was happy with the use of funds being put towards a property with a Sharia mortgage attached to it. He approached Bank of Butterfield who agreed a mortgage of just under £5 million, based on an additional cash deposit that the bank have a first legal charge over of 12 months interest. This overcame the client’s affordability issues and left the lender confident that the money could be repaid when the time came.
We’ve also helped UK clients secure multi-million-pound property finance when they needed a bridging loan but were restricted by time scales after their existing facility had expired. Whatever your situation, we’re here to help. Contact us today or call 0207 220 5100 to speak to one of our friendly advisers.