60% Loan To Value
Interest Rate 7.75% per annum
Arrangement Fee 1.5%
20 year term.
The Care Home company Director took out a private loan to purchase a Care Home property and business. That private loan lender was pushing hard for repayment. After our initial meeting it was clear that there would be some significant hurdles to get over to convince a lender it was a proposition they could back, namely a previous failed Care Home business 5 years ago, and a poor CQC audit.
We approached some lenders who would be sympathetic towards the failed business, and provided gave them with a full account of what went wrong, and the lessons learned. We also went into some detail around the CQC report and provided a full report as to the steps taken to improve them, including the appointment of a new manager and key staff.
With our help the chosen lender became comfortable with the deal, as at its heart there was a profitable business with a good asset. Positive Commercial Finance facilitated the prefect Commercial Mortgage for the client!