Property purchase at auction
£80k loan (52%) 4month bridging loan @ 1.6%pm (interest serviced).
Client had purchased a business premises at auction before seeking to arrange any finance. Because of several unusual features, the proposition did not fit normal bridging lenders terms. This was further exacerbated when the valuation came back at lower than purchase price with the necessity for some urgent remedial works. Our intended lender subsequently declined the deal however we were able to assist at a suitable LTV, after the remedial works had been completed through our sister company Yorkshire Property Finance Ltd.
Refinance of commercial mortgage
£240k loan (58%) 10 years @ 5.49% over Libor.
Refinance of a Commercial Investment Property loan for a three-way partnership of which all are directors/shareholders of a limited company with a trading history spanning 40 years. The property in question was used as their manufacturing hub and had been owned for a considerable time.
Comfortable LTV at 58%, directors all had lender friendly ALIE’s with no defaults.
The one issue with the funding request was the recent trading history of the limited company (ie the tenant). Performance was up and down notwithstanding such a long trading record.
Despite a reluctance from all the high street and challenger banks, we were able to find a lender who would support on favourable terms.
Bridging loan to refinance existing debts
£215k loan (47%) 12months @ 1.19% pm serviced.
Client looking to raise funds to consolidate existing debts (incl VAT and rates arrears), raise funds to carry out works on the property and working capital.
Security comprises of garage & forecourt, retail unit, joinery workshop and land to rear with 2 leased units.
Bridging loan provided by our sister company YPFL with exit to another lender once finances have improved.