Refinancing a commercial mortgage
An existing client of ours found themselves with financial complications and needed urgent help repaying an existing loan and overdue Corporation Tax payments.
£2.35m Commercial Mortgage Refinance
An existing client of ours who ran his own business reached out to Forecast Finance directly for a commercial mortgage refinance worth £2,350,000. He banked with a high street bank who were not able to increase his lending due to insufficient affordability demonstrated within his financial accounts.
The client needed the loan for two key reasons. The first was to repay a previous loan worth £1,800,000 from the high street bank, while the remainder would be used for Corporation Tax payments which had become overdue and to repay other creditors within the business.
Our client’s financial complications had occurred due to some personal distractions over the previous few years, but his business remained strong. There were several factors impacting both our client and his business which had closed traditional routes of funding, and he needed expert help to get him on the right path.
Paul at Forecast Finance worked closely with the client to understand his situation and recognised the necessity of a stepping stone loan to help him out of a difficult spot. Having contacted several traditional commercial lenders, Paul devised a way of helping our client repair the business’s financial position.
Working alongside the client’s solicitor and accountant, both of whom Forecast Finance liaised with at length, and the forward thinking and flexibility of Together Money who were chosen as the funder, a loan worth £2,350,000 was agreed for the client quickly.
Overview of Case Study:
- Property Value – £3,375,000
- Loan – £2,350,000
- Rate 9.75%
- Term 10 Years
- Lender – Together
- Existing Client
- Completion time – from terms being accepted to completion – 4 weeks and 3 days.
The Outcome for our Client
The loan took just six weeks from initial enquiry to fulfil, which then took significant day-to-day, personal pressure off our client and allowed him to refocus on the growth and performance of his business. This loan has a 9.75% rate over a 10-year term, providing the client with the time they needed to repay in full.
Ref No. CS4
