Our client, the borrower, was an established business of 3 years, specialising in the manufacturing of bespoke musical instruments that are sold in the UK and exported worldwide. The borrower was looking to expand the business by moving from a rented premises to their own premises, where they can also have the provision of a showroom.
The situation brought some difficulty at first, as some lenders took the view that it was a retail business which in this current climate seemed less attractive. An average of 3 years trading also proved a challenge for most funders when assessing against their serviceability metrics.
With support and the tenacity of the local Relationship Manager, we were able to secure a £287,000 commercial mortgage, paid over 15 years, and the client was delighted with deal completing in Mid December, allowing client to move in ahead of Christmas.