Loan of £565,650
Term of 15 years
Priced at 3% above base
Arrangement fee 1.5%, added to loan
Our Clients had only been trading for 18 months when they were presented with an opportunity to purchase a prime commercial property in a strategically important area for them.
Many lenders require at least two years full accounts before they will consider an application, however, using our relationships built up over the years with lenders, we were able to have detailed discussions with them going through the clients experience, track record & financial performance to date, which, along with our more formal presentation of the case, was sufficient to procure indicative terms from three High Street Banks.
The client elected to take a fifteen year commercial mortgage at 70% of the purchase price on a variable rate of 3% above base rate.