Investec Private Bank has launched a service allowing British expatriates living in Spain to raise c...
Investec Private Bank has launched a service allowing British expatriates living in Spain to raise capital against their Spanish assets, to fund property development projects in the UK. Loans can be arranged for between £500,000 and £10m.
Penny Rendell-Harman, a spokesperson for Investec Private Bank, said: "Many British expats living in Spain can find it difficult to use their Spanish assets to raise capital for property projects in the UK, due to potential complexities caused by the different legal and tax systems. Our new service helps avoid this and provides clients with a range of finance options that are tailored to their individual needs."
The bank provides conventional gearing, mezzanine and equity solutions to clients, and will look at financing the total project costs, including all legal and professional fees, rather than just hard costs.
It will also consider lending against valuation, rather than just the purchase price.
Funding is available for refurbishments, conversions and new build. Following an assessment of a client's proposal, the bank will provide an appropriate financing structure.key points
Investec Private Bank launches service for British expats living in Spain
Enables property development to be funded against their Spanish property
The bank will consider funding total project costs
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