The clients are a married couple who were looking for a commercial mortgage to purchase a trading beauty salon in a popular Hampshire town. They had a 25% deposit and had set up a limited company through which to trade the business.
The husband is a self-employed IT consultant and his wife works full time as a customer services officer in a local bank. They had approached some high street lenders directly without success because the couple had insufficient inexperience of running a beauty salon, despite the wife’s former job in the beauty industry some 10 years’ previously.
Realising that they would not secure finance without the use of a broker the couple contacted me for help. I was able to negotiate a deal with a specialist lender that can only be accessed by a few intermediaries - including Mortgages for Business of course!
The lender was happy to provide a commercial mortgage on the basis that the couple were of reasonable net worth, the business they were looking to purchase was profitable and the couple were planning to manage and trade the business in its existing format.
Here are the details of the deal:
Property value: £265,000
Loan amount: £198,750
Rate: LIBOR + 6.25%
Term: 10 years interest only
Arrangement fee: 1.70%
Completion date: October 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.