Refinance of Offices and Warehouses
Updated: 14th February 2007 (PM)
For: Offices and warehouse in prime West London location
Location: West London
Amount: £900,000
Applicant company is involved in the design and installation of audio visual systems. Also, hire out equipment and manage live functions, involving the usage of 'state of the art' presentation equipment.
An established, expanding and highly profitable business. The key director was looking to 'tidy up' a number of borrowings and also to undertake a small property development.
Incumbent bankers were not attracted to the property development aspect.
Sterling arranged a mortgage of £900,000 on security value £1,300,000 (69%), over 15 years at bank base plus margin 1.5%. As well as delivering the client the amount of funding required, and on better terms, 'surplus' security his existing bank held was released back to the client.
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