Our client co-founded a UK-based technology-led hedge fund. The vast majority of their wealth was invested in the company. The client also had a director’s loan secured against the company.
While the client was drawing an annual salary from their company, his income and the company’s accounts were extremely complex.
The nature of the opportunity was unusual. The client wanted to raise capital against two properties and more than 100 acres of land in South West England using a high LTV mortgage, in order to invest in their business. The main house required refurbishment.
Investec analysed the historical company performance in detail to determine what level of salary and additional dividends the client could draw to service the loan.
We offered an £8m mortgage at 80% LTV, with an interest-only element and annual capital reductions over the first ten years. Leverage on the properties will be amortised to 65% LTV by the end of year ten. This is a high LTV for the value and scale of the properties in the proposed location.
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