We were approached by a large commercial agency who had secured a buyer for one of their prime commercial investment units in Ealing, London, W5. The company had been let down by their current commercial broker on numerous deals and needed a specialists in this arena. London FS have specialist commercial advisors (ex-bankers) who understand how to structure and place this type of lending.
The client was on a very tight timescale and needed us to work quickly and efficiently in delivering terms, valuations and the offer. From our first meeting we identified quite a few obstacles, one of which was the fact the client had taken a bounce back loan on the company he wished to purchase this investment property in. Part of his deposit was going to be this bounce back loan. However his company was an overall strong business, with good turnover and net profits.
The covenant (tenant) for the investment property was very strong with a recently signed 15 year lease / 10 year break clause with rent reviews every 5 years.
We were able to speak with our lending partner on this and obtain good terms and well within the timescales required by the seller, client and commercial agents. The lender was happy to accept the bounce back loan as part of the deposit.
There was a delay from the sellers side in the end as they were porting their finance from this commercial unit to another property, however the end result was successful for all involved.
We managed to agree a strategic partnership with the commercial agency and now deal with all their commercial enquiries.
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