Our clients, both employed and with an existing property portfolio, wished to purchase a take-away with accommodation above.
They have incomes of £35,000 and £12,000 pa respectively and already own and manage three investment properties. The building they are looking to purchase is a terraced house, comprising of a take-away business on the ground floor with a 3-bed flat on the first floor. It is currently let on a 5 year lease for over £14,000 per annum to the same tenant.
We were able to find a specialist lender who was happy to lend on this semi-commercial investment purchase.
Property value: £125,000
Loan amount: £90,000
Rate: 5.55% + Lender's LIBOR
Term: 15 Years capital & repayment
Lender arrangement fee: 3.5%
Consultant: Charlie London, 01732 471604