Case study: Multi-million-pound property purchase in the country
10 Nov 2020
The clientOne of our valued introducers recently approached us about a client who worked in the private equity (PE) industry and who was looking to purchase an eight figure property in the country with large acreage. Clients looking to purchase substantial properties outside London is a trend we’re seeing amongst our clients as a result of the pandemic and we’re needing to move quickly to secure these dream homes.
The challengeOne of the main challenges in this case was the property itself; it was of high value, particularly for a property outside of London, which makes it one of only a very few properties at the top end of the market and therefore with the fewest potential purchasers. The client required a high loan to value (LTV) for a property of this size and on an interest-only basis, two aspects that are not necessarily a natural fit in the market.
Being in the PE industry, the client also relied heavily on the carried interest they earned via their PE fund, most of which would need to be taken into account when assessing their ability to borrow.