Upon conducting a full fact find, it transpired that the client had no previous landlord experience with commercial or residential property. The property to be mortgaged was also vacant creating an added challenge in finding a lender with an appetite for the case.
Our specialist commercial team carried out extensive research, checking policies and criteria with each potential lender on our panel. Working with the client and several lenders, indicative terms were issued by two of them and the client selected the most favourable. However, both lenders advised that the application could be progressed, but the client would need to secure a tenant prior to draw down of funds.
After receiving the full valuation report, the lender declined the application which now placed a significant time delay on the whole process.