This completion consisted of a commercial mortgage that was provided to our clients for them to expand their expanding portfolio. This was a challenging proposal due to the property being a dis-used industrial unit with land, the tenants operating sector and the funders being extremely cautious due to the current economic climate.
Due to tight affordability due to a down value in the Market Rent as a result of COVID-19 we were able to source a partially amortising mortgage with a large proportion of the repayments being interest only.
The increased rent that they are receiving will allow them to reduce the capital with annual overpayments within the facilities ERC free allocation. The funder also required commercial insurance on the property with their interest noted so we were able to utilise our in-house Commercial Insurance team to put this in place for them.