Latest transaction: €150,500 Loan for a property in St Gervais Les Bains.

Saint Gervais

Buying in: St Gervais, French Alps.
Property price:
€215,000
Mortgage amount: €150,500
Mortgage type: Repayment
Mortgage term: 20 years
Interest rate: 1.45% Fixed
Loan-to-value: 70%

 

The background:

One of our real estate partners contacted us to introduce an australian client who has been struggling to secure a loan on a small holiday apartment in the beautiful village of St Gervais. She has been refused by a couple of lenders by first trying to apply on her own and then with a broker. In both cases, the banks didn’t approve the mortgage due to her residency in the Middle East.

 

Our approach:

At French Private Finance, we work with a wide range of lenders and as a result a variety of lending criteria. We took note of the client’s situation as well as the banks contacted and asked a couple of our lenders with whom we worked on non-EU clients in the past. One of the major players on the French market, based in Paris, came back to us with a positive response. 

We gathered the documents from the client as usual and highlighted in the client’s profile notes that it is normal not to have any tax returns in the Gulf Countries especially for regional companies. As a result, we asked for a reference letter which would stipulate the last 3 years of income as well as bank payment statements for the past year as further proof. 

The lender took note of all the documents and have asked for some further documents which we quickly provided and we were able to proceed to bank account opening and insurance. For this, our client had to come over to their office in Paris in person as it is required by the law. Luckily the client already had a scheduled visit to France and was able to attend a meeting, fill in the insurance and bank forms. 

The process lasted for 36 days from the moment the application was sent to the bank to when the mortgage offer was printed which is very short!