Semi-commercial case study

Background

Mr and Mrs R found a semi-commercial property in a residential street that was perfect for their needs. The property was valued at £350k with B1 planning use.

Problem/Opportunity

Despite their intention to use the property solely for residential purposes and return the property to residential use, they were having difficulty finding a lender willing to consider a residential mortgage application for an existing semi-commercial property. Additionally our clients were self-employed and required a self certified mortgage.

The solution

Using our network we were able to secure an offer in principle with a lender willing to lend against the semi-commercial property within 24 hours at a competitive mortgage rate of only ½% interest rate loading on the property.

Key benefit to client

Our clients had used traditional mortgage brokers who were unable to secure a residential mortgage for the property. Using our network we were able to quickly overcome this problem and find an appropriate lender. In addition the deal was structured so that the ½% interest rate loading was removed as soon the planning consent was granted to change back to residential use.

Contact us to find out more about how The Diverse Finance Company can help you raise a commercial mortgage or take advantage of other business finance solutions.

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