Case studies from brokers

Speedy team effort secures £9m mortgage deal

A coordinated effort enabled a broker to secure a crucial commercial mortgage deal for Fowles Crushed Concrete.

The client
Fowles Crushed Concrete Ltd

Feltham, West London

The broker
Bampton Financial

How did the deal come about?
After we announced earlier this year that introduction fees could be paid on larger deals, Business Development Manager Andrew Tapsell told his panel of brokers about the change. This prompted Paul Bampton, of Bampton Financial, to recall a client he had discussed with one of our Relationship Directors, Nick Leonard. The client was Tim Fowles, of Middlesex-based waste processing firm Fowles Crushed Concrete. At the time the proposed deal had been delayed, but this meant it was back on.

What was the deal?
Fowles Crushed Concrete was looking for £9m against a purchase price of £11m to acquire their main site. They had leased this site for some time but wanted to buy after their landlord decided to sell up.

How did it work?
Nick cleared his diary and visited both the broker and his client to get an immediate and fuller picture of the deal. The client’s existing bank already had a two-week head start, so speed was of the essence. He then contacted a colleague who knew about a related business operated by Tim who helped complete the financial picture and finalise the paperwork. This was then passed to our internal teams to assess and process.

The commercial mortgage has now been completed. It has a five-year term with a 15-year repayment profile.

What made it notable?
“It was a great team effort across our different departments against a very tight deadline and competition from another bank,” says Andrew.

Contact your Business Development team for more information.

More successful cases

Sector: Clothing

£3.4m for two mortgages, £100k overdraft

Finance: Two commercial mortgages for a total of £3.4m along with an overdraft of £100k for working capital.

Client: A well-established family retail business selling sarees. The mortgages were to obtain two separate units that the business would trade from. This business currently turns over £5m with a strong growth plan in place.

Result: The customers were delighted with the service they received from us, and with the knowledge and expertise in which the case was handled. They have now moved their banking to us from their existing bank.

Sector: Hospitality

£6m loan

Client: A North West hostel provider seeking finance to both purchase a new freehold property and for a Capital Expenditure programme to upgrade its existing hostels to support the recent rebranding of the business. Located in four city centres, the hostels attract young visitors and are particularly popular with the student and backpacker market.

Result: On first contact in December 2014 the client, who was introduced via broker First for Finance, was seeking to repay existing funders and restructure ownership of its trading assets. This was a strong business within a niche market and one that we could support. The funding request was quickly sanctioned and full banking was switched to us in January 2015 with the first stage of loan funding advanced during February.

Sector: Automotive

£250,000 loan and working capital facility

Client: Cumbrian Marketing Ltd was founded in 1980 as a specialist supplier of products that protect vehicles while they are being repaired, serviced or modified. The company recently won a three-year, multi-million pound supply contract and needed working capital to fund the procurement of stock.

Result: “We see Barclays as a key strategic partner in helping us achieve our future ambitions as a business and the new working capital facility will enable us to support this new and exciting contract, allowing the business to go from strength to strength,” says Richard Siddle, the company’s General Finance Manager.

More news for brokers

Find your local Business Development team