Bridging loan for amusement arcade lease extension in Margate
The Scenario
Our client was a developer who had bought a substantial commercial site in Margate at auction in 2016. Comprising of a bowling alley, restaurant, amusement arcade and office it was proving to be a profitable investment, yielding handsome annual rentals.
The private financier who had supplied part of the funding for the auction purchase had requested their funds back. Our client was in the process of refinancing the site to a term deal.
He could offer an attractively low LTV, but the short length of time remaining on the business leases (three to five years) was unacceptable to mortgage lenders. He needed bridging finance on the property while the negotiations to extend the leases were completed.
The Solution
The unconventional nature of the businesses was problematic for some lenders. We managed to obtain terms for a 12-month bridging loan of half a million pounds at an acceptable rate, with no exit fee, allowing our client to repay his private lender and complete the lease extensions, and arrange a commercial mortgage as his exit strategy.
Alex Chambers
Senior Finance Broker
Bristol
0117 403 4324
Have a similar situation? I'm a specialist in residential and investment property finance for UK and international clients. I look forward to hearing from you.
Luther Yeates
Finance Broker
Bristol
0117 244 5561
Have a similar situation? I am a specialist in residential and investment property finance for UK and international clients. I look forward to hearing from you.
James Palmer
Senior Associate
London
0203 900 4322
Have a similar situation? I specialize in development and commercial finance and can provide creative solutions for your property funding requirements.
Sam ONeill
Senior Finance Broker
Bristol
0117 959 5094
Have a similar situation? I specialise in bridging finance and can provide creative solutions for your property funding requirements.
Robert Gibb
Senior Finance Broker
Bristol
0117 959 5094
Require mortgage or short term finance for residential or buy to let property (including HMOs and limited companies)? I have extensive experience on providing property finance solutions for UK and International clients.
Adam Arnott
Associate Director
Bristol
0117 205 0214
Are you in a similar situation? I have extensive experience in advising clients on providing creative property finance solutions. I look forward to hearing from you.