Our client was a professional landlord looking to refinance a block of flats away from an expensive lender.
The property was constructed of two restaurants on the ground floor and four flats above, all of which were let out.
Due to the commercial premises in the building, a traditional mortgage was not suitable therefore a specialist commercial lender was required.
Our broker approached several commercial lenders to source the best rate available.
The bank was able to take a charge against the entire block and offer a far more competitive rate than the existing lender.
Property value: £7 million
Loan amount: £1.6 million
Repayment type: Interest only
Product type: Variable
Interest rate: 3.6%