September was a hugely busy month for the Commercial Finance Team, with over 25 deals completed and over £16m funded. Some of the highlights were:
Commercial Mortgage | £3.27m
A successful re-financing deal away from a traditional High Street Bank to Allica Bank. A big team effort here at Cornerstone, with fantastic support from Danny McMurdo and the team at Allica.
Despite some delays, Allica honoured the Fixed Rate agreed amidst all the interest rate turmoil in late September.
Bridging Loan | £1.95m
We supported a top-quality client with an urgent Bridging Facility, allowing her to purchase a highly desirable property at speed when the sale of an existing premises (which had been earmarked to fund the purchase) became protracted.
Great support throughout from Craig Taylor at UTB in what we understand was their largest deal in Wales.
Commercial Mortgage | £500k
A challenging proposition involving the purchase of an underperforming Guest House in Tobermory on the Isle of Mull.
Working closely with the team at Together, we found a solution and delighted the client by enabling her to add this property to her existing operation on the island.
BTL Re-mortgage on two properties | £ 245,000 & £227,500
The client was looking to re-mortgage two BTL properties with capital raising.
Both BTL re-mortgages were able to be placed with the same funder, which made the process easier for the client. They were able to raise sufficient funds to aid future investment into property.
Buy to Let | £ 165,000
A client came to Cornerstone Finance looking for a BTL re-mortgage with capital raising to aid future investment into their property portfolio. We approached BM Solutions, who were happy to take on the deal and offered a very competitive interest rate. Clients wanted to switch products once we arrived at the mortgage offer in order to take advantage of different product benefits, in this case free conveyancing.
BM Solutions worked with us, and we altered the product slightly in response to their offer with minimal disruption and no additional information requested from the client. The mortgage was then completed 1 month later.
Homeowner Business Loan | £154,017
We were approached by the client who was looking to purchase a commercial property. However, due to him having a number of adverse credit items on his credit report, he was unable to source the funding. The client had a property held within their SIPP, but due to timescales, this was not an option.
We requested a copy of the client’s credit report and established that Together Commercial were the appropriate option. The client had sufficient equity in his residential property and due to income, we were able to source a Homeowner Business Loan to assist with the purchase. The medium-term aim is to refinance the funding onto a mainstream commercial mortgage once the adverse credit items are past the funders’ maximum review period.
Buy to Let | £55,000
A Buy to Let enquiry for a bungalow in South Wales. The client is 70, residing in Cambodia, and has several defaults.
We obtained a BTL of £55,000 with completion 6 weeks from the day of application. We sourced a 2-year fixed term rate so the client can sell, which is the future plan, without any penalties.