semi-commercial purchase, EN1
The client required £125,000 to complete the purchase of a semi-commercial asset comprising of an unoccupied flat, situated above a dry cleaner which the client was looking to use as a new business venture. The client had been served notice to complete and had tried to arrange their own finance through a commercial mortgage provider but was quickly running out of time. By the time they approached their broker, there was only 2 weeks left to complete the imposed deadline from the vendor.
MT Finance solution
Just 2 days after receiving the valuation report, we provided a £125,000 bridging loan, at 58% LTV. Interested was retained at 0.89% over 6 months.
By sourcing a short-term loan the client’s broker was able to rely upon the flexibility and speed which the product is built upon. The client managed to save his deposit and give himself enough time to raise a suitable commercial mortgage to refinance our loan.