Semi-Commercial Property

A property investor

Description

A property professional had undertaken a small development project in North London. Funding to complete the works was proving difficult and slow with his traditional lender and his broker sought to raise additional finance for him by re-mortgaging a semi-commercial property within his investment portfolio. The commercial premises (ground and basement) were occupied by a coffee shop on a 10 year lease (with 3 years remaining); and above the shop there were four residential units let on Assured Shorthold tenancies. Silverstream was able to advance the sum of £850,000 (by refinancing the existing lender and securing a first charge over the property) within 10 days of initial enquiry - offering additional capital in the sum of £386,000 The loan was repaid by the sale proceeds of the completed development.  

Terms

CLIENT
Semi-Commercial Property
ROLE
Property Investor
PURCHASE PRICE / "AUCTION" VALUE
£1,300,000
LOAN
£850,000
LTV
65%
TERM
10 Months
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—  S. Andrews
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