An established residential landlord in Birmingham wanted a commercial mortgage to buy his first commercial property which as rented out as a supermarket. His bank had said no as the existing tenant only had two years left on the lease and they wanted a longer lease. He had approached other brokers who had found finance which was double the amount he expected to pay.
The tenant had been in the property thirteen years and had just carried out an expensive fit-out. This gave us comfort that the tenant wanted to stay at the property. As our client wanted to retain the tenant, we suggested that a new lease be created at completion which would help secure finance and keep the tenant.
The loan was agreed with a high street bank as the lease was better at a rate which was very competitive.