Customer Profile
Broker had a client that operated in the Children’s Care Sector that needed help sourcing a lender to assist with the re-mortgage of a new purchase for the business.
Scenario
The broker’s client purchased a residential property via a bridging loan for over £500,000 with a view to changing the use of the property to C2 for it to be used for their company going forward. They required assistance moving away from the expensive short-term loan once the property change of use went through.
Brilliant Solution
A commercial mortgage was quickly arranged with a High Street bank to cover the full redemption sum for the bridging loan and move the broker’s client across to a competitive rate on a term lending product.
Result
There was an immediate improvement in the company’s position as the debt rolling up on the short-term finance was repaid at a more preferable (and serviced) rate. The competitive High Street rate secured and term lending product put the company in the best possible position to make a success of their new investment.