Loan of £120,000
Term of 20 years
Priced at 3.67% above base
No Arrangement fee
Our Clients had been successfully trading for 10 years as a used car centre operating from rented premises, so when the opportunity came for them to purchase a unit of their own, they jumped at it.
The used car market can be problematic for lenders; however, we were able to present a clear analysis of our client’s previous financial performance along with a summary of what opportunities the new premises would present which enabled a number of lenders to provide indicative terms.
The client chose to take a twenty-year commercial mortgage at 75% of the purchase price on a variable rate of 3.67% above base rate.
When lockdown hit the client was worried that the bank would withdraw the agreement and he would lose the property, however because we worked closely with the bank and client throughout the loan completed in time for lockdown easing meaning the client could put his plans straight into practice.