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£1.6 Million Commercial Loan to Refinance Mixed-Use Property – 7th July 2020

Scenario:

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.

 

Challenges:

Due to the commercial premises in the building, a traditional mortgage was not suitable therefore a specialist commercial lender was required.

 

Solution:

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.

 

Key figures:

Property value: £7 million

Loan amount: £1.6 million

LTV: 23%

Repayment type: Interest only

Product type: Variable

Interest rate: 3.6%