€150 million of property
Sub 200 bps
Global private bank
A €70m refinance which required a lender with super prime understanding
in the Southern European real estate market
- €150m of super prime European property
- First charge over select properties
- Multiple asset classes demonstrated income of 1.5x debt service cover
- Refinance €70m
- Lender with understanding of super prime market
- Super prime assets
- Multiple borrowing entities
- Multiple locations
- 3 year term
- 60% LTV
- Global private bank
Our client was an established family office with a track record of more than 40 years across the region. They sought a lender who understood the super prime Southern European residential market well enough to be competitive with rates.
With substantial wealth, the principal was also open to a new private banking relationship for trading, so the credit rating and service proposition of the lender was also a key factor.
ALC secured a 3 year interest only facility at a sub 200 bps margin. Void risk was mitigated with an interest reserve of €2m.