July saw 14 deals completed with over £3m funded across a range of Bridging, buy-to-let and Commercial Mortgage deals. This month our stand out deals including £1.7m for the development of 26 properties in Neath and an invoice finance facility put in place, enabling our client to take on larger contracts and grow their business.
Property Development | 24 Months | £1.7m
We were able to secure a development loan of £1.7m to develop 26 properties in Neath. Several lenders turned down the developer before they were referred to Cornerstone Commercial Finance. Our team took the time to understand the lending against the completed first phase and the residual land value of phase two. The contractor’s experience and stability were key to the funding; our team worked closely with the client and the contractor to ensure the costings were fully understood.
Invoice Finance | £200,000
Like many businesses, mechanical and electrical engineering firm, Scorpion ES, have faced challenges during the pandemic but thanks to helpful advice from Cornerstone Commercial Finance they are back on track.
Incorporated in 2010, Scorpion ES set out to provide mechanical and electrical services to the construction sector but the business has since evolved and now works to to provide rail infrastructure, facilities maintenance and civil construction services.
read the full case study >
Semi-Commercial Investment Mortgage | £202,000
A client came to us looking to purchase two properties, a commercial unit and one residential property, through auction. The auction has a 60-day deadline set by the auction company and a purchase price of £265,000.
Our team was able to meet the deadline and raise 75% LTV against the target property, allowing the client to secure the property without the need for a bridging loan.
We were also able to provide an insurance policy for the purchase through our commercial insurance branch.
Commercial Mortgage | £243,000
A client came to us with a semi-commercial property with retail tenants. The client had undertaken a full renovation using a bridging loan which had expired with a six-month extension. The client originally planned to sell; however, due to COVID-19, they decided to retain their tenants and refinance.
The residential part of the property was vacant, meaning the mortgage was being covered by the commercial income only. With the current climate, refinancing without residential income was not as straightforward as it would have been per-COVID.
After a full review of the proposal, including the financials, we sourced several funding solutions at varying costs.
Due to our relationship with Danny McMurdo at Allica Bank, we were able to progress the application without any undue obstacles.
We were able to refinance the property within the deadline set by the bridging funder and before the stamp-duty deadline.