75% Loan To value
Interest Rate 5.76% fixed for 5 years
1% Arrangement Fee
10 years Interest Only term
Our client had purchased a large property which they had converted into 12 en-suite student accommodation, 2 self-contained flats and a commercial unit on the ground floor with a combined rental income of around £80k.
They wanted to refinance to give as much as possible from the completed property, to reimburse their costs of conversion, and to enable some equity release for their next project.
We progressed talks with a number of appropriate lenders, and then presented all the options to the client who opted to take a loan at 75% LTV which generated £630k. This Commercial Mortgage re-paid their development finance loan and gave them a cash deposit for the next deal.