About the project
Mr Shepherd approached us to secure a Commercial Mortgage on a warehouse facility he had previously been renting for his parcel delivery business. The freeholder was looking to retire out to Portugal and gave our client first option to purchase subject to confirmation of funding within 2 weeks and completion within 6 weeks.
Given the brief we completed our executive case summary the same day and had an agreement in principle within 24 hours for a 70% advance of £400K tracking at 3.75% over bank base rate with a 1.5% lenders fee. Within three days the commercial valuation was organised and completed with a satisfactory report to hand within the week.
Solicitors were instructed in week 2 with all searches and due diligence completed by week 4. Funds drawn and the purchase completed in week 5 ahead of schedule.