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Refinance of a commercial property

commercial property
  • The prospect had been seeking an urgent refinance due to a director and shareholder having entered into an IVA
  • The outgoing lender, which was a High Street Bank, had advised the prospect that they no longer wished to continue providing facilities to the family/group of companies
  • Terms were offered for a gross loan of £150,000 with interest serviced monthly with a LTV of 60%
  • The security offered was 2 income generating car parks on a 1st charge basis
  • Once terms were agreed with the borrower, valuers and solicitors were instructed immediately and the refinance took place within 5 working days

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