New £4m London Home for US Citizen

Chris Evans

London

New £4m London Home for US Citizen

A US citizen, who had lived in London for 10 years, wanted to buy a new residential home in London for £4m and use their current home as an investment property. As the client was self-employed and had used dividends and the repayment of a director’s loan amount to remunerate the monthly income, not all income was on their UK or US tax return.

We raised £2.2m on the new purchase and a further £2.2m on the current asset.

Renovation Project Funded

Another client earned a substantial income but required funding to develop a property that exceeded standard affordability. Furthermore, as the property was a renovation rather than a ‘knock down’, the client wanted to avoid paying development funding rates.

We were able to use the equity in the client’s two property assets by ‘pre-funding’ interest costs for a period. We also increased the borrowing to include two years of interest payments, which were held on account by the bank. These funds then serviced the debt, giving the client time to complete the works, move into the new property and to sell the second property where they had resided during the works.

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