Ultra-Wealthy Pull Cash From Mansions to Buy Beaten-Down Assets [Yahoo! Finance News]
Credit Suisse Group American Depositary Shares (CS)
US:NYSE Investor Relations:
credit-suisse.com/corporate/en/investor-relations.html
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Source: Yahoo! Finance News
) -- From London townhouses to Parisian apartments, some of the world’s richest homeowners are turning to their real estate holdings to access cash.Enness, a mortgage broker that caters to the wealthy, said more clients are seeking loans backed by real estate to help them repay other debt, invest in businesses and snap up cheap assets in the wake of a pandemic-driven rout of global markets.One Asian family drew down about 40 million pounds $50 million) against a collection of homes in London’s upscale Knightsbridge neighborhood to fund property purchases and private equity investments in the U.K. A Middle Eastern client borrowed 15 million pounds against a plot on the city’s north side to acquire other sites. An owner from Eastern Europe is tapping liquidity from his Paris home.“We have individuals from all over the world contacting us for this very purpose,” said Islay Robinson, chief executive officer of London-based Enness. “There is an abundance of mortgage finance available, and
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