Cornerstone Commercial and Allica Bank complete five-week deal for Welsh recycling centre

Following a personal referral, our client approached us to purchase a local recycling centre, paired with a strong tenant and rental yield.

Our client originally planned to purchase the property through their Self-Invested Personal Pensions (SIPP). However, they decided against utilising these funds due to tight timescales. Additionally, our client chose to push ahead with the purchase using a commercial mortgage after deciding against pursuing auction finance to purchase the auctioned centre due to the costs associated with bridging finance.

To ensure we met the auctions timescales, we approached our well-trusted contacts, Danny McMurdo and Joanne Hitchborn, at Allica Bank. We also relied on our close working relationship with Victoria Humphries at HCR Law to complete the legal process promptly.

Working with our clients’ buy-in and agreement as our priority, we worked as quickly as required. Together, our approach sealed the deal within five weeks, from receipt of the decision in principle to completion.

At Cornerstone Commercial Finance, building strong relationships is at the heart of what we do. Through our strong industry relationships, we deliver the very best solution for each of our clients. 

Matt Godfrey, Senior Commercial Manager at Cornerstone Commercial Finance, said:

“James was fantastic to work with from day one and bought into working towards the common goal of a quick completion. I knew that by connecting the correct funder with the perfect legal team would ensure that we could all deliver on what was promised and the client was in safe hands with both Allica Bank and HCR Law.”

Danny McMurdo, Allica Bank, added: 

“It was great to work with Matt and the team at Cornerstone to support a local investor. This needed a tight turnaround and was not a typical investment asset. But close collaboration and communication between Cornerstone and Allica meant we were able to deliver for the client.”

James Turnbull, J.E.T. Developments Ltd, commented: 

‘Determined to complete on the acquisition as quickly as possible and not use bridging finance, I was guided by Matt Godfrey at Cornerstone Finance, who was able to connect me with Allica Bank who acted efficiently, and Victoria Humphries at HCR Law who arranged for the legal work to be completed in record time. It was a great effort by all.’