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Case studies

Children’s care home receives £1.85m mortgage

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How attention to detail helped deliver finance within a challenging timeframe.

The client

A children’s care home in Berkshire

The broker

Simon Purden

How did the deal come about?

Simon brought us an interesting case at the end of August. A children’s care home in Berkshire was looking for financing but there were challenging timeframes to negotiate.

How did it work?

The challenge with the application was delivering the finance within a tough 9-week timeframe, from application to drawdown. Barclays team Keith Obee and Gillian Cook worked on the case, and Simon thoroughly checked all the supporting documentation to avoid any delays in the process. This attention to detail in the early stages enabled the case to be sanctioned quickly. The mortgage also provided the customer an element of development finance that will enable them to grow the business further.

What made it notable?

Both client and broker were delighted at how quickly we managed to get the funds in place.

'Thanks for the excellent work in completing this deal, which will have done my client/your customer a great deal of good,' said Simon. 'I am confident that with your help the client will be able to follow his expansion plans.'


More successful cases

Sector: Beauty

£100,000 commercial mortgage

Client: Hair Sanctuary (Rendlesham) Ltd

Result: Independent Mortgage Consultants Ltd is a recent addition to our Broker panel. Director Lyle Houghton contacted Business Development Manager (BDM) Keith Obee to see if we could help its client who owned a hair salon in Rendlesham. The deal was for a £100,000 commercial mortgage to help the client modernise his premises.

Working with Business Manager Allen Fuller, the paperwork was swiftly completed, submitted and successfully sanctioned. The broker was impressed with how the deal was handled and also that a post-valuation change in value didn’t result in any delays for the client.

Allen worked closely with the client and his solicitors, and managed to get the mortgage drawn several weeks earlier than expected. The hair salon is now able to carry out extensive modernisation that should attract new customers, enabling them to grow their business.


Sector: Property

£2.85m commercial mortgage 

Client: Primehut Ltd

Result: Property owner Primehut Ltd wanted funds for an investment property that it could rent to an associated accountancy business, as well as additional funding for operational costs. Despite having an existing relationship with a major high street bank, they reached out to broker Don Ilines from David Holt Associates to see what other options were available. Don thought we might be able to help his new client and so contacted his BDM to see what we could do. Our solution was just what the client was looking for and the deal successfully drew down. Since then, the client has moved all of his banking to us and his business to Don.


Sector: Healthcare

£700,000 commercial mortgage

Client: Red Spice

Result: Earlier this year, Richard Pickering from B&P Finance Consultants contacted Andrew Tapsell, one of our BDMs in the London area, to discuss the requirements of a long-standing client. His client was looking to buy an additional children’s nursery school and needed funding to complete the deal. Both the existing and new business looked very strong and Andrew, together with the client’s Barclays business manager, Joy Green, were keen to proceed. A successful meeting resulted in us being able to offer the full £700,000 required to complete the purchase.

However, things didn’t go quite to plan. The vendor had hoped the sale would go through more quickly so called the deal off. The client was still keen to buy the property, so Richard helped to keep the lines of dialogue open while the team structured a revised offer that was acceptable to both parties. At Barclays, Joy kept close to developments and made sure that everything was in place at our end so that the deal went through smoothly.

The purchase of the new property is complete and the client is extremely pleased with the hard work of Joy and Richard who persevered to meet their expectations.


Sector: Agriculture

£820,000 Agricultural mortgage

Client: Fairacre Farm

R & BS Ltd are an independent rural mortgage consultancy, specialising in farm finance and rural property mortgages. Rob recently approached Andrew Tapsell (BDM for the southern region) to see if he could help with the purchase of a farm, which included a free range poultry unit, for one of their clients. The client had an extremely successful existing business and we were keen to support with his plans for growth.

Andrew arranged for Kurt Nelson, Barclays Agricultural Manager to meet with the client to discuss funding requirements. Following a successful meeting, all the paperwork was completed, submitted and we were able to give the good news to the client and broker that we had agreement in principal to support the funding requirement of £610k.

However, not all cases proceed as smoothly as expected. During the valuation, an unforeseen legal issue arose, potentially delaying the completion. Kurt worked with the solicitor, the valuer and the client to arrive at a solution which was acceptable to all parties and enabled the purchase to proceed. Rob also worked closely with Andrew and the selling agent to ensure the client was kept informed of developments along the way – good teamwork all round.

A further potential setback presented itself during the sale. A proportion of the deposit was being raised against one of the customer’s investment properties and unfortunately this option fell through. Back at Barclays, Kurt was on leave. David Pilling, Kurt’s colleague, quickly brought himself up to speed. After reviewing the file, David proposed an alternative solution – we could increase our lending if the customer increased his deposit. The proposal was accepted and David was able to get approval for an increased mortgage of £820k. The purchase completed in early October, which was two and half months after the initial introduction from Rob.


This edition's selection of successfully drawn cases

Healthcare

  • £1.85m commercial mortgage – funds were drawn down in 9 weeks from application

Agriculture

  • £3.15m refinancing – refinance existing debt plus funds to build new farm buildings. Banking business has moved to Barclays
  • £820,000 agricultural mortgage – new farm purchase. 10 weeks from application to drawdown
  • £62,500 agricultural mortgage – new farm purchase. 10 weeks from application to drawdown

Manufacturing

  • £2.85m commercial mortgage + VAT loan – property company bought premises to rent to an associated trading business
  • £865,000 commercial mortgage – allowing one of our clients to move to larger premises

Leisure

  • £345,000 commercial mortgage and overdraft facility – provides jobs for the local community and enables a golf club to expand
  • £150,000 commercial mortgage – fulfilling a dream for a client with the purchase of a public house
  • £135,000 commercial mortgage – a proud moment for a first time publican

Retail

  • £100,000 commercial mortgage – a hair salon can now modernise and grow their business

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This article is proprietary to Barclays Bank PLC. Every attempt has been made to try to ensure that the information contained in this article is accurate at the time of publication. However, any articles written by any third party are the views of the authors alone, and do not necessarily reflect the views of the Barclays Bank PLC Group ('Barclays') nor should they be taken as statements of policy or intent of Barclays. Barclays takes no responsibility for the veracity of information contained in any third party articles and no warranties or undertakings of any kind, whether express or implied, regarding the accuracy or completeness of the information is given. Barclays accepts no liability for the impact of, or any loss, however arising, from, any decisions made based on information contained and views expressed by any third parties or in their articles.