New Purchase in the Iconic Beverly Hills 90210
We have recently assisted with the purchase of a Hills mansion for an existing European client.
The property, which had a purchase price of $10.5m USD, had a complicated owning structure between two property companies: a US based LLC and a Monaco SARL. Despite this, the deal was completed in just 8 weeks, after liaising with accountants and tax advisors both in the US and Europe. We negotiated the following:
- A 20-year term
- Facility granted on a 7/1 YR ARM (i.e. an adjustable-rate mortgage that carries a fixed interest rate for the first 7 years of its term)
- No bank arrangement fee
- No early prepayment costs
Refinance of Kensington Residential Property
We have arranged the refinance of a superb, recently refurbished London Kensington home.
The client was concerned about the facility expiring as BREXIT approaches. A fresh 5-year term was therefore granted, taking it up to 2023. The loan amount of £6m had a margin of 1.6% on an interest only basis with no bank fees incurred.
Family Gifts Deposit
A new client was introduced to JEFS during a recent tax planning review. This client held 3 investment properties. As a way of disposing of assets prior to reaching old age, the client wanted his son to receive one of the properties. His son did not have the funds for the deposit, however.
The property in question was valued at £1.5M unencumbered. To enable his son to purchase the property from him, the client was able to ‘gift’ £600k of equity to his son.