January 30th, 2016. Ben Lloyd
Deal of the Month: Saving a Business in 24 hours with Pub Finance
Stepping in when delays almost scuppered a deal, we were able to stop a client losing a business on the same day as we were asked to help.
A popular English pub approached us to refinance their pub and restaurant. Looking to secure £455,000 to pay off a loan, legal delays had meant they were in a very awkward position. The deal appeared to be finalised, but solicitors were stalling and they were still no closer to completion.
This was on an attractive, long-term lease, however many lenders had been approached previously and would not finance a pub – let alone refinance one that had an expired bridging loan.
After speaking to one of our introducers, who promptly passed on their details, our team ensured the pub had terms the same day, the valuation rewritten in three days and solicitors working on the completion that week.
Despite that fact the lending became riskier after receivers were called in by the original lenders, our contact understood that this did not weaken their position.
We took the case through to completion and are happy to say our client did not lose the property.
Article By Ben Lloyd
January 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