Case Study - Owner Occupied Bookstore

Commercial Mortgage Advice understand your needs

The case

A London based mortgage intermediary put forward a purchase application on behalf of his clients.  The clients were hoping to buy a semi-commercial property in South London with space for a small shop, stock storage and accommodation.

Why Commercial Mortgage Advice?
The applicants previously worked for several years as managers in the retail sector but had never owned their own business.  The couple had saved hard for the deposit to buy premises and start their own business but still needed an 80% mortgage, which they could not finance through a High Street Bank. 

The Commercial Loan Advice underwriter assigned to the case noted that the trading for the business would be underpinned by the rental income of the flat above the shop.  What's more, the applicants were putting down a cash input of over £60k, plus professional fees, which showed commitment to the business.

Next the underwriter assessed the credentials of the applicants.  This revealed that they were successful professionals with good knowledge and experience in this sector.  Importantly, they had also maintained their residential mortgage payments over the years. 

A speedy turnaround
Commercial Mortgage Advice assessed the case and within 48 hours the customers had received Commercial Mortgage Advice's underwritten and credit checked conditional offer which confirmed the rate and monthly payment details.

They were happy with the deal and moved quickly to carry out a valuation of the property. Within 6 weeks of the conditional offer being sent, the customers had completed and were ready to start business.

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If you are a client of Commercial Mortgage Advice and would like your case listed here, please let us know.