July 30th, 2016. Ben Lloyd
Deal of the Month: Refinancing a Mixed Portfolio
Sometimes, requiring finance can be more complicated than simply needing to pay for a property purchase. One funding deal may need to do multiple things. That was the case for our client who needed refinancing, purchasing and consolidation all in one deal.
With a mixed-use scheme in London – one retail unit and six flats – our client came to us requiring £3.1m to clear debt and to consolidate other loans. However, in order to meet mortgage payments, they needed to acquire further properties. It was hoped that the rent of these new properties would cover the costs of the repayments.
The Pure Commercial Finance team, and Tom in particular, worked very closely with our funding partner to ensure the loan could be completed, with an agreement that some of the repayments could be deducted from the initial advance so that the loan could go ahead.
The deal was successful and we are pleased to say our client has consolidated their finances effectively.
Article By Ben Lloyd
July 30th, 2016
Ben is the Director and Co-Founder of the Pure Group and Managing Director of Pure Property Finance.
Following a career in Barclays, where Ben was in the real estate finance team for 8 years, he decided that the market needed a more forward-thinking type of commercial brokerage so founded Pure Commercial Finance (now Pure Property Finance), the first company within the Pure Group.
Ben has extensive experience across the real estate sector and has participated in over £2bn of real estate transactions during the course of his career.
Ben oversees the general strategy at Pure Group and works with the senior leadership team to drive the Group forward. Ben is also on the Executive Committee of FIBA.See more articles by Ben