Recently, we sourced a £596,700 gross loan for a client to purchase a commercial property in Wednesbury.
Beforehand, the property was a residential care home, but it was converted into a hostel where they house tenants who need assistance with applying for benefits, jobs and bidding for council houses.
This client approached us directly after working with us on previous property projects.
What were the client’s objectives?
The client wanted to purchase the hostel and needed the loan as quickly as possible, so they didn’t miss out on the property purchase.
What solutions did we offer?
Our client was leasing the property from the freeholder, and our client had secured an option to purchase at 750k. A valuation was arranged, and the valuation was confirmed at 900k as expected.
The lender was able to lend 596k which equated to 66% of the value, but more importantly 80% of the purchase price. This meant that the client’s cash input was only 20% against this asset.
How did we ensure success?
Our expert team continuously guided this client throughout the process, and ensured we maintained excellent communication. This was done by remaining transparent as well as by answering all our client’s queries with speed and professionalism.
Additionally, we utilised our strong, long-term relationships with lenders to quickly find the most suitable and best financial solution to meet the client’s requirements.
This client was so impressed by our services and how quickly we were able to help them purchase the commercial property.
When we asked them how they found working with our team, they said:
“We found the team at F4B really approachable and knowledgeable, particularly Paul Atkinson, one of the Directors. The application process was made really easy by them, and we were kept up to date throughout the process. Like most commercial mortgages, our application was no different and had its own complexities with a historic purchase option, local authority lease terms and evidencing capital expenditure on the asset as part of approval conditions. But nothing was too onerous for Paul and his team – they achieved the desired result at a very competitive rate for us. Massive thanks to everyone at F4B!”
Loan worth £596,700 provided for a commercial property in Wednesbury.
Our expert team provided access to the finance required within the needed timeframe and with a lender who could satisfy all the client’s objectives.
The quick timeframe ensured the client didn’t miss out on the property purchase.