75% Loan to Value
Interest Rate 3.67% over bank base rate
No arrangement fees
Our client operated a successful accountancy practice for over 15 years. After their children went back to school, the clients wife wanted to restart her career as a hairdresser. After months of searching she became frustrated with the lack of suitable spaces at affordable rent and began to give up hope.
When a large property in the perfect location on the high street of their local town became available for purchase, she was interested but assumed it would be out of her price range, especially as she had no accounts to support such a loan.
After initial conversations it became apparent that we had a solution that would enable her to get the fledgling business of the ground, in a prestigious location.
We suggested that they purchase the property in their own names and then rent the office space to the husband’s accountancy practice (as they had a great track record and could demonstrate that the loan was affordable to them) whilst the downstairs retail space would be rented out to the wife’s new hairdressing business.
We were able to speak to a number of banks on our client’s behalf, presenting the proposed commercial mortgage in terms that they could understand and relate to, and invited each of them to tender for the business.
Our clients were delighted with the solution that suited all parties. They opted for a lender who, whilst not the cheapest, would lend more money over a longer term whilst also offering some great flexible terms such as no penalties on over-payments, lump sum reductions, and a capital holiday at the beginning of the loan whilst they moved in and built the business up.