Commercial Mortgage For Warehouse Space of Existing Trading Business

The Requirement:

A new client who had been struggling to get funding for a Commercial Mortgage, of a warehouse premises they had already been using for their business, therefore they really did not want to move.

The Interesting Stuff:

We were approached by a business, who was looking to get funding of a Commercial Mortgage relating to a warehouse unit they have actually already been occupying for several years. In fact they had also been subletting part of the space themselves to other tenants.

The major problem for this business was that they had already approached their existing bank for the Commercial Mortgage, and at the point of contacting us, they only had weeks left at the premises, and to secure a mortgage.

Despite being an existing customer of the bank, they were initially declined, so the business was looking for expert help which is where we stepped in.

We once again spoken in-depth with the new client to understand their business, their requirements, their financials, and the reasons the bank declined. We swiftly proceeded with completing our due diligence on the client and prepared on their behalf, all the financial information we knew they would need. Our assessment included analysing the accounts of their business, and providing data in regard to the least 3 years of their trading.

The revised loan request was submitted to the chosen lender and the facility was approved within 48 hours. A valuation was required and once that occurred which matched what was proposed, the loan itself was fully completed within 10 working days.

How we helped:

With our experience in what lenders require to approve funding requests, we knew that by providing additional information would help. We added non-associated business cost data, such as the subletting rents, as well as additional information within the submission, and that was able to demonstrate that the client could meet the interest and repayments of the loan.