Specialist Mortgages | Posted February 15, 2021

Commercial Purchase Still Possible After Existing Bank Turns Them Down

A new client seeking finance for a commercial purchase was recently introduced to us through our partner Liquidity Club.

What were the client’s objectives?

The client was seeking £280k in order to purchase a new property to expand his business.

The client, Sugar & Honey Property, had already approached their existing high street bank, but they had been turned down, as their requirements didn’t meet the lender’s criteria.

What solutions did we offer?

Once we understood the client’s exact requirements, our expert commercial mortgages team identified potential lenders from our semi-exclusive panel and pinpointed a suitable lender.

We reviewed the financial accounts and confirmed sufficient affordability in line with lender criteria. We were able to source the £280,000 required at a rate of 3.99% over 15 years.

How did we ensure success?

Working with Sugar & Honey Property, we were able to provide the lender with evidence of the client’s capability to repay the loan. As a result, the lender trusted the client’s business would continue to run successfully and was happy to provide the client with the desired funding.

Working closely with both client and lender, we streamlined our communication processes to ensure all parties worked together. This allowed for a relatively quick turnaround, getting the finance to the client quickly and efficiently so that they could purchase a 7,000sq ft commercial property in Bristol.

The new space is part of Sugar & Honey’s plan to launch and manufacture their own range of British-made lighting products through 299 Lighting. With the additional space, they will also be creating content for creative campaigns.

Whole Family

James Pomphrey of Sugar & Honey Property was ecstatic with the service provided by Paul Atkinson, Director of the Commercial Mortgages team at Finance 4 Business:

“Paul was attentive, interested and great at communication throughout the entire process. Finance 4 Business picked up and understood aspects of the case that had originally been missed by our existing lender, helping to make the deal happen.

Finance 4 Business

If you’re interested in purchasing property to expand your business, get in touch. Contact our expert commercial mortgages team by calling 0121 309 0444 or emailing enquiries@finance-4-business.co.uk today.

Case Study Background
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I wouldn’t hesitate in recommending Finance 4 Business to others.
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