The Client:
The client was a retired Doctor who owned an unusual property which had a combination of Commercial, Residential and also Buy to Let units within the same building. He also owned another Buy to Let property in his portfolio. The client’s Income was predominantly from his pensions and also from land and property owned.
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Scenario:
The client wished to extend the subject property to allow for further use of the commercial element, thus significantly enhancing his rental income. He wished to refinance all current loans and raise capital toward the planned extension works. However, due to the multiple types of property contained in the single title his current lenders and high street lending options were not available to him.
The Solution:
We sought out a specialist Commercial Lender who was able to accommodate the multiple different uses within the single freehold title, whilst also still ensuring the interest rate was remained as competitive as possible.
We discussed in detail with the Lender upfront regarding their specific criteria particularly towards the minimum and maximum size of each unit within the overall freehold and also confirmed this with the client prior to our application to avoid any potential pitfalls.
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Summary:
Mixed use properties require specialist Lenders, since High Street Lenders do not lend on this type of property, nor do a number of Commercial Lenders, especially when criteria such as single freeholds, capital raising and building works all apply. In instances such as these, an experienced and knowledgeable Commercial Finance Broker have all the required expertise to be able to secure the best deal and rates available, as well as crucially ensuring a successful completion to the refinance.
Contact us today to speak with one of our professionally qualified Commercial Finance Brokers. Call us today on 03303 112 646. Alternatively, please complete this short online form and one of our Advisors will call you right back.