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.
Mathew Phillips
Finance Broker
Bristol
0117 959 5094
Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.
Alex Chambers
Senior Finance Broker
Bristol
0117 403 4324
Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.
Luther Yeates
Finance Broker
Bristol
0117 244 5561
Are you looking for a similar type of property finance? I have extensive experience finding residential and investment property finance for UK and international clients. Please get in touch and we can arrange to discuss your situation at any time that's convenient for you.
James Palmer
Senior Associate
London
0203 900 4322
Are you looking for similar property finance? I specialise in development and commercial finance for Clifton - I can find creative and commercially effective solutions for your project.
Sam ONeill
Senior Finance Broker
Bristol
0117 959 5094
Is your situation similar? I am a bridging finance specialist at Clifton. I can find a quick, cost-effective solution for the funding you're looking for.
Robert Gibb
Senior Finance Broker
Bristol
0117 959 5094
Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.
Adam Arnott
Associate Director
Bristol
0117 205 0214
Is your situation similar to this? I have extensive experience of advising clients who need creative property finance solutions. Please get in touch and we can arrange a time that suits you for a detailed discussion of your requirements.