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Warehouse & Offices

Updated: 2nd February 2007 (AM)

For: Neglected Warehouse & Office Site
Location:Ashford, Kent
Amount: £600,000

This case was a Partnership with at least 1 year's poor accounts.

One Partner had a few CCJs, as did an associated limited company, and they had missed 2 payments in the last 12 months on their mortgage.

The property was a large, neglected warehouse and office site in poor overall condition.

Their Bank wanted an exit and were pressing them to move even though they had a property developer "in the wings" ready to pay them a premium to get the site. They only needed another 4 months but the Bank would not wait.

Sterling arranged a mortgage of £600,000

A 30-year mortgage was arranged with the first 3 years interest only, at bank base rate plus a margin of 4.5%

Advance was completed within 2 weeks from getting the valuation.