Commercial mortgage allows genealogists to provide new jobs for the community
How did the deal come about?
One of our long standing brokers, NGI Finance recently approached us to see if we could help with a commercial mortgage for their client, genealogy firm Finders International [www.findersinternational.co.uk] – the main firm of genealogists used by a popular BBC1 daytime TV show..
What was the case?
Finders International needed a commercial mortgage to buy a new property, allowing it to expand and that would also provide new jobs for the community.
How did it work?
Maria at NGI Finance approached us on a Tuesday afternoon, with the client needing to submit the deposit on the property by 3pm on the Friday. With the formal credit sanction and valuation needing to be completed quickly, our team – (which included Business Development Manager James Anthony and Barclays Business Manager Barry McGuinness) – was able to arrange for the credit sanction to be agreed by midday Thursday and the valuation to be completed by midday Friday. However, when the client went to pay the deposit the vendor withdrew the property from the market. Disappointed but not deterred, the buyer found another property which we were also able to secure the financing for.
What made it notable?
The strong relationship Barry already had with Maria at NGI, ensured we were quickly on hand to help the client buy the second property. ‘NGI always provide us with quality and detailed information which enables us to make a quick decision’, said Barry. This together with great team work helped to ensure the case completed quickly and the client was delighted.
More successful cases
Sector: Chemicals and coatings
£800,000 commercial mortgage
Client: Tetramass Ltd
Result: Dermot Lally of Meadows & Co introduced his client Tetramass to us when it had the opportunity to buy Campbell Plastics Ltd. The purchase price, which included three freehold properties, was £1.25m. Both businesses had a proven track record with strong serviceability and we were able to sanction the commercial mortgage of £800,000 that was needed to buy the business.
Sector: Leisure Tourism
Client: Normanton Partnership Limited, wanted to upgrade the two hotels it owns as well as expand their wedding venue business.
Result: Senior Business Manager Mani Patel introduced Sinclair & Co to Andy Reaney, Barclays Business Development Manager. We were able to arrange finance for Sinclair & Co’s client that totalled £2.4m, which will be used to refurbish its hotels, add new bedrooms and refinance existing loans. We also provided a £20,000 cashback deal, which will be used to buy a large marquee at one of the hotels and allow it to cater for larger weddings.
£1.2m commercial mortgage
Client: Colin Crawford, from The Proper Pub Company Ltd
Result: The client, who operates a long established restaurant and B&B in Hambleton, Rutland called The Finch’s Arms, wasn’t entirely happy with his existing lending arrangements and wanted to see if we could help.
Helen Paterson, Business Development Manager was introduced to the client by Steve Millar from Veritas in Partnership Financial Services. Working closely with both the broker and Barclays Business Manager, Dave Tomlinson, they developed a successful application on behalf of the client. It was a great example of teamwork and means the client is now able to grow his business.
£324,000 commercial mortgage
Client: Local business
Result: Broker Coke Gearing introduced a local business to us that wanted a commercial mortgage to buy its current premises. The finance would help fund expansion, as well as allowing it to lease out one of the floors to generate extra income. It already had an offer from its existing lenders, but felt that it might be able to get a better deal on the open market. We were able to provide a mortgage of £324,000 at a more competitive rate than the existing lender. The client and broker were delighted and the client has now also switched its business banking to us.
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