- Experienced residential property investor required urgent remortgage of commercial property bought at auction
- Quick access to a panel of lenders supported exit strategy to refinance
- Commercial mortgage completed ahead of existing bridging term deadline
The client
Our client, an experienced residential property investor, purchased their first commercial property at auction – a double unit warehouse in South Yorkshire. On approaching The Property Finance Collective, he had already completed the purchase with an expensive bridging facility and was urgently seeking to remortgage.
The challenge
With a tight timeline involved to complete before the bridging facility came to the end of its term the client was at the time carrying out some refurbishment to the commercial unit, including a new roof, with the intention to secure a tenant.
The solution
In good time, the refurbishment attracted a tenant who agreed to a 7-year lease. Knowing that a number of options from its panel of lenders could offer a solution, The Property Finance Collective commercial team progressed with a proposal that secured a suitable interest-only commercial mortgage at 70% LTV over a 25-year term.
Adam Powell, Head of Business Development at The Property Finance Collective commented:
“I’m very pleased to say that we are able to help the client with their first venture into commercial property and support his aim to complete the case before the existing bridging facility came to the end of its term.
For more information on how The Property Finance Collective can help you with tailor-made, cost-effective, property finance, no matter how big or small your project, get in touch on 01775 713777.
