refinancing for business purposes, W1K
The client required £1.7 million to invest into his business. He needed to repay an existing business loan and raise funds to purchase a new business premises that needed updating before occupation.
MT Finance solution
We provided the £1.7 million loan at 60% LTV as a second charge against the client’s main residence, valued at £6m. Interest was retained at 0.89% over 24 months.
Our loan meant the client was able to redeem his existing business loan, purchase the new premises and give himself the time to carry out the works before moving his business over. The client was able to reduce the loan by selling two investment properties and the remaining balance was repaid by refinancing the new commercial property. Our 24-month term meant he was able to source a loan based on the enhanced business projections.