We were approached by a client looking to purchase a new business premises for her solicitors practice via a limited liability partnership.

She knew the company needed more space for expansion and with a break clause in the lease imminent it seemed like the perfect time to relocate.

The client had set her sights on a three-storey office block located in West London.

There were two main challenges with this deal:

• The client was looking for 85% loan to value - most commercial lenders will only offer up to 75% on owner-occupier deals
  
  
• The LLP is only 4 years old -many lenders will only consider businesses that have been established for 10 Years, as young businesses are deemed higher risk

Fortunately the businesses strong business plan and growing turnover meant we were able to secure the following terms from a high street bank.

Here are the details of the deal:

Property value: £700,000

Loan amount: £595,000

LTV: 85%

Rate: 2.9% + Bank Rate (3.4%) term tracker

Term: 25 years capital & interest only

Lender arrangement fee: 1.5% (£8,925)

Mortgage payment: £2,991 pcm

Consultant: Paul Keddy, 01732 471655