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.
Fowles Crushed Concrete Ltd
Feltham, West London
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.
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