Key facts:
- 18th century listed building
- Property value: £7,000,000
- Loan amount: £4,950,000
- LTV: 70%
- Interest rate: 6.99%
There is no one size fits all with regards to a commercial property finance arrangement, all deals are different. The key to securing the best commercial property finance rates is to present your situation in the most advantageous light.
This case involves 18th century listed building of 10,000 sq ft. Situated in Marylebone, it is configurated as offices, apartments, as well as a residence to a state Consulate.
Located in the very heart of London, Marylebone is a prime residential neighbourhood. Despite its close proximity to Oxford Street, Europe’s busiest shopping street, Marylebone remains a pocket of calm, characterised by peaceful green areas, beautiful period architecture and luxury boutiques.
The building was owned on a 16-year leasehold basis. The UBO was a well-known property developer, looking for a loan of £4,950,000. A specialist lender was used for the loan and they provided a 2-year facility at 6.99%.
The funds were used to repay the current loan and raise more to fight a legal battle with the freeholder.
Consequently, a deal has been struck with the freeholder to purchase the freehold for £6 million, taking the open market value to £18 million, which Enness will fund.
Here at Enness, we have years of experience in the commercial finance market and are well aware of the latest market trends and the outlook for the future. Why not give us a call today for a no-obligation chat with our experts who will advise you of the options available for your specific situation.
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