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We were approached by a client who required a re-mortgage on a buy-to-let house in London valued at £2.6m, releasing 50% of the equity to fund further investment purchases. The complicating factor was that the client was a European national working as a Partner in a major multinational company in another European country.
The client ideally required a facility that would also provide funding for the onward purchases, preferably providing a flexible drawdown facility, allowing him to pay interest only on the released funds, not on the full facility. We therefore needed to find a lender who would: accept applications from expatriates and who would take into account the strong rental income of the property as, based on personal income alone this would be difficult to place.