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Refinance of 14 self contained homes

Deal Structure

60% Loan to value

Interest Rate 3% above 3 month Libor

1% Arrangement Fee

No  exit fee

20 year term.

Deal Summary

Our client had built 23 flats designed for independent living for elderly people. 9 flats were sold privately, but the other 14 needed to be refinanced to repay a development finance facility.

Our clients needed to raise £1.5m against the remaining flats which would be occupied and rented out, the value of the remaining flats was around £2.5m.

We arranged the Commercial Mortgage through a High Street bank to fund the shortfall, but the deal hinged on the last few flats being sold to make the numbers work.

At the eleventh hour a deal to sell the last 3 flats fell through. However, we were able to negotiate an increased offer of £2.1m from the lender which allowed our client to refinance the project in its entirety, and on time.

We have strong relationships with lenders who understand that property deals often change and are willing to listen to and understand sensible proposals to overcome most hurdles, and in this case the client could discharge his liabilities in line with his agreement

Simon Parkinson

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Simon Parkinson

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Positive Commercial Finance is a trading name of Business Financial Solutions Limited. Registered in England & Wales 06451075. Registered office address Bedford House, 60 Chorley New Road, Bolton, BL1 4DA . Authorised and regulated by the Financial Conduct Authority (716012). Full members of the NACFB and FIBA. ICO registration reference Z1196910.

We are a credit broker, not a lender. We work with a panel of lenders who may pay us a commission. This amount varies between lenders.

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