Latest transaction: €3,920,000 mortgage for a property in Val d’Isere
- Buying in: Val d’Isere
- Property price: €4,900,000
- Loan Amount: €3,920,000
- Mortgage Type: Repayment
- Mortgage Term: 20 years
- Interest Rate: 1.35% fixed for the duration of the loan
- Loan-to-value: 80% + 20% collateral
The larger and the more complex the transaction; the longer it tends to take. It took us nearly a year to finalise the mortgage deal for this Val d’Isere buyer. With multiple income streams coming from various countries including the US and latin america, many lenders declined the application for compliance reasons.
FPF went through every possible setback. For instance, when credit was finally agreed by the risk committee, one insurance company refused to proceed further weeks into the process on the basis that the client was not an EU resident while another increased their premium twofold. Having no mortgage close within his purchase contract, the client was forced to complete on the chalet cash.
The client was very patient and understanding so we successfully negotiated with the lender to offer him a postfinance solution. In the end, the bank lended the targeted amount of €3.92m and gave a rate discount of 15 basis points.