Bank request To verify Accounts

Bank request To verify Accounts

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Hi All, I have been contacted by father of my existing client who have UK property. His father is senior medical consultant in Middle East and owns a private medical centre. He is looking to take mortgage of 500k about which is currently valued at £5M with no mortgage on it. In order to accommodate his request bank is asking him to get his medical centre (Middle East entity) accounts verified by UK accountant, is any one come across situation like this ? and any suggestions how to deal with this? Thanks in advance for your thoughts.

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By The Innkeeper
05th Jul 2015 16:30

Hmm
I would say that you need to find out what they mean by verify the Middle eastern accounts? Frankly unless the UK accountant redos the accounts I am not sure if you would get anyone to verify the figures

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Replying to accountantccole:
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By Munsh
05th Jul 2015 21:16

Audited
He says it's audited. My initial thoughts are we may end up in doing due diligence to verify the figures. This is however bit odd to see such a request.

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By WhichTyler
05th Jul 2015 20:59

Why a UK accountant?

Why would a Middle East bank want a UK accountant to verify the accounts of a ME business?

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Replying to ireallyshouldknowthisbut:
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By Munsh
05th Jul 2015 21:13

International Bank
It's international bank with presence in UK, Financing UK property.

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By The Innkeeper
05th Jul 2015 21:35

If
It's an international bank surely the accounts are audited by one of the major firms. Why not get the UK end to do the work

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Replying to ann1987:
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By Munsh
05th Jul 2015 22:00

Clarification
It's clients accounts which are audited in Middle East. Bank in UK is asking that those accounts to be verified by UK accountant as a proof of income before they approve the Application for mortgage.

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