Our client had an existing commercial mortgage with a High Street Bank which had reached the end of the commitment period. The bank wouldn’t support a further facility and had asked our client to find an alternative funder.
Accounts for the business were not strong, mainly due to a recent spend on adding a garden centre to the site. Our client was introduced to us after another broker had provided terms at 9.9% pa. Whilst this was a challenging case and there were a number of lenders who were unwilling to support this deal, we were able to find a lender who took view on the financial info and provided more favourable terms than those already received. We sourced a £125k loan (60%) over 5years @ 7.9% (1st 12months Interest only followed by repayment for the remainder of the term).We also introduced the client to a new accountant who will work with him to improve his financial reporting going forward so that we can return to a High Street lender to refinance in future.
