Commercial Property Mortgage
Published by Fusion Finance on 3rd March 2020 -
Mr Shepherd approached us as he needed a commercial mortgage to purchase a warehouse he was renting. The freeholder was looking to retire and gave our client first option to buy. However, the deal required confirmation of funding and needed to complete within six weeks.
Given the brief, we completed a case summary the same day. We then obtained an agreement in principle from a lender within 24 hours. The terms were for a 70% advance of £400K tracking at 3.75% over bank base rate with a 1.5% lenders fee. Three days later we obtained a commercial valuation, and a satisfactory report delivered within the week.
Solicitors were appointed, and all searches and due diligence completed by week four. By week five funds were drawn down, and the purchase completed ahead of schedule.