CLIENT SECURES COMMERCIAL PROPERTY FINANCE IN THREE WEEKS

Our introducers client was given the opportunity to purchase the industrial unit they were currently renting. Their landlord was looking to complete the sale quickly and gave the client a 6-week deadline before putting the property up for auction. The client required a mortgage of £500k at 70% LTV.

Our commercial finance team were concerned, given current lender turnaround times, that they may not be able to complete the commercial mortgage within the given deadline. The commercial finance specialised worked with our in-house short-term lending team to arrange bridging finance to be able to secure the property in time.

The bridging finance was arranged with no early repayment fees and completed within 3 weeks. The commercial mortgage completed shortly after ensuring that the client incurred minimal interest. By arranging both facilities in house meant that the client did not have to provide duplicate documents.

The commercial mortgage was arranged with Allica Bank at a rate of 5.7% +BBR with a 1.5% fee (1.25% added to the loan).

The total pay away to the introducing broker for a hand over referral was £2975.

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FOR INTERMEDIARIES ONLY AND NOT INTENDED FOR THE GENERAL PUBLIC