The client approached us with the objective of refinancing their existing borrowing. The property comprised of a downstairs commercial space with residential flats above.
The client had not long acquired the property and the commercial lease term had lapsed so it needed to be updated. Ultimately this needed to be done before the refinance could complete. In addition, during the time we were making enquiries the client decided to change the way in which they generated income from the residential flats from holiday lets to assured shorthold tenancies. This meant we had to adapt our approach and consider different lenders who would be able to offer a suitable solution. This was made more challenging as we were seeking funding during a time of rising interest rates and uncertainty in the property lending market.
We take a client-centric approach when sourcing funding and took the time to fully understand their requirements and the plans for the property to ensure we source the best solution for the client. As an independent broker we contacted a large number of lenders working with each of them to ensure they had everything they need to be able to assess the requirement. We were then able to provide the client with a number of options in terms of mortgage type, pricing and term length. By keeping the client consistently up to date with any lender feedback and terms provided, it meant our client was able to make an informed decision on which option they would like to proceed with.
We were able to secure a £255,000 5-year interest-only mortgage to refinance the existing borrowing on the property, with a fixed rate of 6.70% per annum. A joined-up approach between the Commercial Finance team and Prydis Legal meant that once the offer was secured from the lender, the legal side of the application was completed seamlessly to ensure the client was able to gain the benefits of the refinancing as soon as possible. Prydis legal had to navigate through numerous requests from the lenders solicitor prior to completion. By keeping in constant dialogue with the client, it meant that Prydis Legal were able to satisfy all the requests and ensure our client was able to feel the full advantages of our joined-up approach.
If you are looking to refinance your existing borrowing, or if you have any other funding requirements, please contact us to see what options are available to you or your business. You can book a free consultation with Kyle Borland today at Commercial Finance or you can contact him via email firstname.lastname@example.org or call +44(0) 1392 429687.