The client is an experienced property investor who also owns a successful lettings agency. He approached us to help him remortgage his business premises which comprises the agency on the ground floor and a 2-bed rental flat above. The client was looking to remortgage in a personal capacity and not through his business.
The client was after an interest only mortgage to increase his cash flow, but was struggling to find a lender that would lend on a semi-commercial property.
Fortunately we were able to source a lender who could complete the deal with a 15 year interest only term.
Here are the details of the deal:
Property value: £250,000
Loan amount: £177,537
Rate: Lenders LIBOR + 5.20%
Term: 15 year interest only
Lender arrangement fee: 1.7%
Completion date: June 2014
This is just one example of how I've helped a client secure a commercial mortgage. To see more of my case studies please visit my profile page. And if you have any funding requirements, please do not hesitate to contact me. My direct line and email address can be found below.