An existing client returned to us after purchasing the former Riverside Cantonese Restaurant in Canton to transform the property into four two-bed flats and two ground floor commercial units.
Our client runs a successful retail business and this was their first property development project. The client required our support to transfer their existing development loan onto a commercial mortgage to manage the property and their trading activities efficiently.
Despite the complications faced throughout the Welsh lockdowns, our team worked closely with Vipin Chauhan to secure a 20-year development and semi-commercial mortgage through his new company – V&S Property Management. Through our strong working relationship with the funders and contractors, Haydn Thomas supported our client through changes to the plan. As a result, all parties are delighted with the final development of the flats and retail space.
Towards the end of the development, Rob Williams of Cornerstone Commercial Finance took up the case, working with our client and his professional advisers to find a long-term solution. As Vipin’s trading company initially owned the property, this deal became complex and required a company restructure and fresh thinking.
Using his experience in the market, Rob sourced several options before agreeing to a deal with Hampshire Trust Bank that met the client’s needs. Supported by Mia House and Olivia Colmer-Lynch at Hampshire Trust Bank, Rob ensured the loan was structured in line with the client’s long-term goals, along with managing some challenging time frames.
Our team’s expertise provided Vipin with a great final result, benefitting from releasing his initial investment, additional capital and appropriate tax advantages following his company restructure. As a result, our client now stands in a strong position to move on to their next project.
Rob Williams, Commercial Manager at Cornerstone Commercial Finance, said:
“This was a challenging but rewarding case to work on. This development was a great learning experience for me and I have built a great new working relationship with Ragu Sivapalan at Sivapalan & Co. Our valued client is thrilled with the outcome and I’m looking forward to seeing the final result.”
Haydn Thomas, Chief Commercial Officer at Cornerstone Commercial Finance, added:
“Rob picked up this case with enthusiasm and overcame several obstacles by liaising closely with Vipin’s accountant, solicitor and developer throughout. Vipin was impressed with his service and has since insured this property and his business with Cornerstone Commercial Insurance as a result.”
Vipin Chauhan, V&S Property Management, commented:
“I was delighted with the service received from Rob and Haydn throughout and have no hesitation in recommending Cornerstone Commercial Finance. The project was my first property development and I now have the confidence to move on with more, safe in the knowledge that Rob is always there to support me. In fact, I have his personal mobile number and regularly chat to him out of hours. Overall great service and a positive outcome for me.”