Client circumstances:
A Ltd Company needed funds to purchase a vacant commercial office block in Peterborough, which they intended to modernise and let out. The company had a specific completion date and were unable to obtain a commercial mortgage in the time-frame required.
MT Finance solution:
We provided a £600,000 commercial short-term loan, at 45% LTV based on the vacant possession value. Interest was retained at 0.85%, over a 12-month term, no personal guarantees were required either.
The benefits:
In just under 3 weeks, the clients were able to purchase the commercial asset and the 12-month term gave the client plenty of time to refinance with a commercial mortgage lender, redeeming our short-term loan.