The Situation: We were contacted by a new Introducer who had a client interested in buying a commercial property. However, the property needed renovations before it could be leased out to a waiting tenant.
The Challenge: The Introducer was arranging a mortgage, but the property’s condition caused a snag when valued. With a deadline looming for completion of the purchase, the client needed a quick solution to allow the purchase to proceed, while the necessary renovations were completed successfully. This meant the property could now be tenanted.
The Solution: We worked closely with a lender experienced in handling such situations and tight deadlines. We offered the client the option of dual legal representation and relied on the initial valuation report. Throughout the process, we kept our Introducer informed.
The Case
Loan Amount: £499,000
LTV: 65% of the purchase price
Term: 12 months
Completion Time: 15 days from receiving the initial request
