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 was 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 is comprised of three units situated in a bustling retail town centre. Each of the units was already let in and had nine 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 good rental income from the proposed property purchase, UK Property Finance was able to secure long-term commercial finance with a mortgage. As a premier partner with all the major challenger banks, we offer favourable rates and a swift turnaround in 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.