A husband and wife approached us who had been running a business since August 2013. All this time they had been operating from their residential property but due to ongoing expansion they’d got to a stage where they required more space. Recently they had found a property which would be ideal to aid their expansion. This property comprises a main sandstone office, many storage facilities and 3 acres of land. Our clients were seeking the finance to purchase this property.

The purchase price of the new premises was £200,000 and the client had £100,000 in cash so the loan required was £100,000 (50% LTV).

We used a first legal charge over the freehold premises valued at £200,000 and a strong set of accounts showing a profit in excess of £18,000pa together with a similar sum from another employment to secure finance at 3.23% over Bank Base Rate for the 15/20 term requested.