Helping a foreign national secure fast financing on a new build

When looking to finance a property purchase, there are certain situations which require a specialist team of advisers on board. One scenario we deal with on a daily basis is helping foreign nationals to secure finance on UK property. Why does this prove challenging? There are a host of reasons, but often it’s due to relatively basic requirements. If you live overseas, it can be difficult to source asset and income information that UK lenders will accept and you need mortgage advisers who are experienced in this space to source lenders who are flexible and understanding of this particular market.

Case profile

We recently worked with one client living and working in the Middle East who was buying their first residential property in London. The property was a new build; £150,000 had been put down as a deposit and the client had 30 days to complete the sale. Therefore, our Associate Director Mark Pattanshetti needed to find a very fast lending solution to achieve completion and ensure this deposit was not lost.

Although the client was a very high net worth individual, they had limited income and asset information. Added to that, the property was a new build which can be harder to secure financing on and the loan to value was relatively high compared to the level lenders will usually comfortably offer to foreign nationals. Finally, the speed at which the funds were required meant that the case was going to prove a challenge.

Solution

Mark approached his network to secure a bridging loan from a lender who would take a wider view on the client’s financial situation and who could operate incredibly quickly with flexible and minimal underwriting processes. They were also able to accommodate foreign nationals at a relatively high loan to value.

Loan amount:£880,000
Rate:0.79% fixed
Loan To Value:56%
Term:9 months
Type:Interest only, retained
Loan purpose:Purchase
Lenders arrangement fee:1.60% of the loan
Early repayment charges/Exit fee:3% of the loan amount during the first 3 months only

Your home or property may be repossessed if you do not keep up repayments on your mortgage.

Please note the Financial Conduct Authority does not regulate some aspects of bridging finance.

Return to Our Case Studies

Our insights


We are the UK’s leading specialist in delivering innovative and bespoke financing solutions to global clients.

Reviews


Specialists in creating innovative and bespoke funding solutions.

Your home or property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Changes in the exchange rate may increase the sterling equivalent of your debt. You may have to pay an early repayment charge to your existing lender if you remortgage. Think carefully before securing any other debts against your home.  

largemortgageloans.com is a trading name of Largemortgageloans.com Ltd, Aegon House, Ground Floor Suite, 13 Lanark Square, London, E14 9QD authorised and regulated by the Financial Conduct Authority (FCA). Our FCA registration number is 302228 and can be viewed by visiting the FCA website: www.fca.org.uk.  The FCA does not regulate tax advice or some aspects of commercial, buy to let, overseas mortgages, bridging finance, finance and asset lending.  

Largemortgageloans.com Limited is registered with the Guernsey Financial Services Commission, reference number: 2269418, as a Non-Regulated Financial Services Business.  

Largemortgageloans.com Ltd Registered in England and Wales No: 5070990 Registered Address: As above. The guidance and advice contained within the website are subject to the UK regulatory regime and is primarily targeted at UK customers. Calls may be recorded for training and monitoring.