TUSCAN CAPITAL COMPLETES £2.1 MILLION LOAN FOR MIXED-USE PROPERTIES IN THE MIDLANDS
03.07.24
Tuscan Capital, the short-term property finance specialist, has announced the completion of a £2.1 million mid-term loan for two properties based in the Midlands.
Both mixed-use properties feature commercial space on the lower floors with residential units above.
The deals were introduced to Tuscan by commercial finance broker, Funding Friends, as the borrower’s existing lender was withdrawing from the market and a rapid refinancing solution for the applicant was required.
With several Assured Shorthold Tenancies (ASTs) and leases close to expiring, Tuscan were able to structure an 18-month, mid-term loan and supported both properties on its residential product, rather than commercial which meant a cheaper rate and a quicker process for the client.
Carl Graham, Regional Director at Tuscan Capital, commented:
“The tight timeframe provided to us to complete on this loan meant a sharpened focus to ensure the best outcome for all parties involved.
With ASTs and leases that were soon to expire, it wasn’t the right time for the applicant to secure alternative, long-term finance so we structured an 18-month mid-term loan, giving the client sufficient time to re-gear the leases and ASTs, improving the passing rent, and allowing for a more competitive rate to be offered.
Importantly, many lenders would have assessed the properties as two commercial loans, but by supporting the loan on our residential product, we have allowed the borrower to access a more competitive rate and a streamlined credit process.
Tuscan Capital remains dedicated to supporting clients with innovative and flexible financial solutions, ensuring their success in a dynamic market environment.”
Jonathan Rostron, CEO of Funding Friends, said:
“We were very pleased to complete the bridging loans with Tuscan Capital on these two properties.
Working with Tuscan’s Regional Director, Carl Graham, they were able to step in at the last minute when another lender let us down.
Through Carl we managed to secure excellent LTVs and net cash for our client.
Despite some initial scepticism from the client about working with a new lender, they were so impressed with Tuscan Capital, we introduced another deal on the day of completion, to them.
Carl and the team at Tuscan Capital managed the entire process with exceptional efficiency. We look forward to continuing our successful partnership together.”
Read the full article on Bridging Loan Directory.
For more information or to get in touch with the team, please contact us:
Call Us: 020 7846 9030
Email info@tuscancapital.co.uk
View our Regional Offices:
London Office
Birmingham Office
Manchester Office