Owned by two married couples, this children’s day nursery had been running successfully for 14 years. Having built the registration up to 70 children, our clients were turning away new registrants as they had reached maximum capacity in their current set-up.
The younger of the two couples wished to make use of the potential extra business, extend the existing premises, and incorporate their own house into the nursery. In doing so, they would be able to expand the maximum registration to 105!
The older couple decided that it was time to retire, meaning the younger couple needed £1.35 million to buy out their business partners and complete the extension works. With years of proven experience, strong accounts and a predicted post-works value of £1.99 million, we could secure the required finance on a 20-year capital and interest repayment term, and a competitive variable rate.
Here are the details:
Property value: £1.99m (after conversion works)
Loan amount: £1.35m
Rate: Bank Rate + 2.5%
Term: 20 years capital and interest repayment
Arrangement fee: 2%
Completion date: Est. November 2014
20th November 2014