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Garden Centre Refinance

Updated: 14th February 2007 (PM)

For: Garden Centre, off busy main road
Location: Lincolnshire
Amount: £550,000

The site was part of a larger Group and our client was seeking to demerge from the Group and had been given the opportunity to buy the freehold land at a discounted price.

The Group's bankers were not very enthusiastic about assisting, notwithstanding the unit had a profitable track record.

Sterling arranged a mortgage of £500,000 over 15 years, plus a seasonal overdraft facility of £50,000.
Both facilities at bank base rate plus margin 2%.