Remortgaging a commercial property for our client
Find out how we secured a new deal on a commercial mortgage for our client’s retail premises.
Securing a New Commercial Mortgage
We were introduced to a client who was looking to refinance a well located semi-commercial property, as the rate they held with their current lender was coming to an end.
The client has owned the property since 2017 and has run a successful newsagents and off licence on the ground floor ever since. The three-bed flat above the retail unit was once the family home, but the client purchased a new home in 2021 and it is now on an assured shorthold tenancy agreement.
We identified Allica Bank as the perfect lender for the client’s needs, who offered a new like-for-like loan with a better interest rate than the other potential options the client had available.
Overview of Case Study
- Product – Commercial Mortgage Refinance
- Value – £650,000
- Loan – £300,000
- LTV – 46%
- Term – 25 years
- Rate – 5 years fixed at 6.95%
Ref No. CS15
