Lending Query
We were approached by a Isle of Man based trust company who had a long standing client based in Kenya. The Kenyan national owned a residential property in central London which was rented out. They purchased the property 12 months earlier in an auction using a bridging loan. This request was for a simple refinance on a like-for-like basis. Property value £1.2 million with a loan request of £800,000.
Client Circumstances
The client ran a family-owned agricultural business in Nairobi – which was their main source of income. Their BTL property in the UK was also their only financial footprint in the country which presented a problem for most lenders mainly due to the fact that the borrower never had a UK credit profile.
Problems to Solve
Besides the borrowers’ lack of UK credit profile – they also had the usual KYC and anti money laundering checks which needed to be conducted. Silver Oak Capital had to source a competent legal firm in Nairobi who could certify the clients’ identity documents and notarise evidence of income to support any rental void periods.
Solution Provided
Our advisory team in London has expert experience in working with foreign property investors (especially Africans). We were able to put in place a solution which, based on the clients unique circumstances, provided the perfect solution to refinance their existing bridging loan.
£800,000 GBP Loan
5 Year Fixed 4.19%
75% Loan to Value
5 Year Term
Interest Only
1.50% Bank Fee