ASC Success Story
No cash? No Problem!
Two brothers wanted to buy their father’s commercial investment property to enable him to semi-retire, with the ultimate goal of retaining the premises in family ownership. The only issue was the brothers didn’t have any cash contribution to put down, and therefore needed 100% funding for the £320,000 market price of the property. Their own investigations to find the necessary finance had proved fruitless, so their financial advisor recommended they speak to David Hall at ASC Norfolk & Suffolk.
After an initial meeting to discuss their situation and the proposals in more detail, they engaged ASC’s services to investigate the funding options available to them. Proving affordability of the loan requirement was not an issue due to the strong rental income the property derived from the existing long-standing commercial tenants who were to remain in place. As a result, David was soon successful in finding a lender from our extensive panel who was prepared to fund the full asking price by taking second charges as supporting security over the equity in their respective domestic residences in lieu of the usual cash deposit the brothers would be expected to contribute.
After a satisfactory valuation, and a lengthy period of legal due diligence, the deal was successfully completed and thanks to ASC the brothers are now the proud owners of the property, which has now stayed within the family.
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