Hotel Purchase – Isle of Wight (December 2009)

Customers approached us having googled Commercial Mortgages. They had been introduced to the Vendor’s bank with a view to them financing the acquisition but were not happy with the speed their application was progressing as they had a fairly tight time scale to secure the business.

Applicant was retiring from the RAF as Squadron Leader after 38 years service and, with his wife had found a Hotel on the Isle of Wight which they planned to purchase to run in their retirement.

 

The valuation was carried out promptly and the customers were able to complete the purchase within the time scale with very little drama.

 

The icing on the cake is that the transaction qualified for a cash-back of 2.5% of the loan amount which went a good way to covering the fees involved in arranging the transaction.

 

 

Purchase Price - £580,000

Mortgage - £250,000

Interest Rate - Bank Base Rate + 2.85%

Lender Fee - 2%

Cash Back - £6250.00