Ex-pat remortgages new build house let on a corporate lease - February 2013
We were approached by a broker whose client is an ex-pat but who owns a number of residential investment properties in the UK. The client lives on a Mediterranean island and works for a Scandinavian shipping company.
The client was looking to remortgage a 2-bedroom house on a new development in the north of England that he had purchased at a discounted price, using bridging finance. The house had been let back to the builder on a three-year corporate lease and the builder was using it as the estate's show home.
Keystone proved to be the ideal solution for the client who, after owning the property for 10 months, was ready to switch to longer term finance. Keystone agreed to fund the deal on the basis of 75% LTV based on the actual value of the property and not on the purchase price.