Dan & the team at our Hampshire, Dorset & Isle of Wight office have done it again!
Our client, who was introduced to Dan by a local mortgage broker, owned a 3 storey semi-commercial property in North Wales. Her family lived in one of the residential units of the building with the second floor flat let to a third-party tenant and the retail unit on the ground floor rented to her husband’s Fish & Chips Shop. Upon completion, the client and her family vacated the premises, which was let to another third-party tenant.
Having approached several lenders, the client selected terms of a commercial mortgage of £227,500 on 25-year capital & repayments term with an interest rate of 4.8% variable over the Bank of England base rate, 70% LTV. Dan and his team helped the client navigate the commercial mortgage application process, dealing directly with the bank to gain the formal offer, ensured timely receipt of the valuation report, liaised with both the client and the bank’s Solicitors to complete as soon as possible for our client.
This application wasn’t without its complications. Dan and team were on hand, when at the 11th hour further enquiries were required due to the Fire Risk Assessment on the property. Dan and the team worked tirelessly with the bank, the bank’s Solicitors, the client, and her Solicitor to ensure she completed on the date required, in order for her new tenants to move into the first floor flat of the property and the client to her new family home.
To find out how we can secure finance for your business, contact your local ASC office.
