Location: London
Loan Amount: £4.2m
Finance Category: Residential Mortgage
The Story
A non-domiciled investor based in Dubai sought Fox Davidson’s expertise to finance a £6 million penthouse in a new luxury development in Mayfair, London. The client required a £4.2 million interest-only mortgage to keep monthly costs low, as they planned to use the property intermittently while renting it out for part of the year.
The Challenge
The client’s non-domiciled status and primary income from overseas property investments complicated the lending process, as many UK lenders cant lend to non-resident borrowers. The property, being a high value single unit, new-build penthouse with a leasehold structure, was considered high-risk by some banks. The client also had a tight 8-week timeline to complete the purchase to avoid losing the reservation.
The Solution
We identified a specialist international lender willing to work with non-domiciled clients. We negotiated a £4.2 million interest-only mortgage fixed for 5 years, with a 70% loan-to-value ratio. By providing detailed evidence of the client’s global asset portfolio and rental income projections for the penthouse, Fox Davidson satisfied the lender’s due diligence requirements. The deal was completed in just 7 weeks, enabling the client to secure the property and maintain flexibility for their global investments.
