Commercial Mortgage for an Auction Retail Unit
We were approached by a client who had just placed a winning bid on a commercial property in the West Midlands. The client originally requested a bridging loan due to the swift timescales that they were up against. Having assessed the financial situation UK Property Finance were able to advise the customer that a long term Commercial Mortgage could be put in place, which would offer them a more cost effective solution in the long term.
The commercial property comprised of three units situated in a bustling retail town centre. Each of the units were already let and had 9 years remaining on their lease. The client had an existing portfolio of properties in similar locations with a regular income stream. With the addition of the good rental income from the proposed property purchase UK Property Finance were able to secure long term commercial finance with a mortgage. As a premier partner with all the major challenger banks we can offer favourable rates and a swift turnaround on decisions especially when dealing with time sensitive situations such as auctions.
The units were valued just a few days later confirming strong retail footfall and a higher valuation than the purchase price so we could proceed with a formal offer just a week later.