£200,000 Loan Sourced for Complex Semi-Commercial Property in Maidstone

Our commercial mortgage team recently sourced a £200,000 mortgage for a semi-commercial property in Maidstone. This property had 10 commercial units which are used for a mixture of retail offices, as well as a residential flat above.

This client approached us as they wanted to buy out the other two stakeholders of their business. They already had a 50% stake in the property, which was valued at £400,000, so the new owners agreed to buy out the other stakeholders for £200,000.

What were the client’s objectives?

The client wanted to buy out the then-current stakeholders of their trading business, as the stakeholders were about to retire. This would bring their ownership stake in the property from 50% to 100%.

What solutions did we offer?

The challenge was the short nature of the leases in place. We needed to identify a lender who had an appetite for a mixed-use property, on a short lease basis, who could offer a competitive rate and complete at the speed the client required.

Our fantastic team was able to swiftly match them with a lender who was willing to provide the full £200,000 loan on a 5-year interest-only term of 5.59% per annum in no time.

How did we ensure success?

Due to our strong long-term relationships with a broad range of lenders, we rapidly found the most suitable financial solution to meet the client’s requirements.

Director Paul and our expert commercial mortgage team were able to turn this around quickly, so our client could buy out the stakeholders. Our team also continuously guided this client throughout and ensured we maintained excellent communication with all parties. This was done by remaining transparent, as well as by answering all our client’s queries with speed and professionalism.

Summary:

• A loan of £200,000 was provided for a semi-commercial property in Maidstone.
• Our specialist team provided access to the finance required to satisfy all the client’s objectives within the set timeframe.
• The speedy delivery meant that our client was able to buy out the stakeholders.