Clever Lending arrange £212k loan for pharmacy premises purchase

Clever Lending, the master broker, has arranged a commercial mortgage for £212,850 for a client to purchase a semi-commercial premises to add upper level rental accommodation.

The property comprises a retail unit, from which they already run their pharmacy business, with two upper floors on which the client is to complete refurbishment works to create residential lets which are accessed through a separate entrance.

The client had been given an opportunity to purchase the premises from the landlord and was already trading from the premises.  The new rental income generated, along with business income, would be sufficient to service the loan repayment and conversion costs for affordability, making it a viable project.

Clever Lending looked at a wide range of lenders to fund the loan, and as well as dealing with specialist lenders, Clever also approached mainstream banks on behalf of the client, who had run the successful business in a self-employed capacity for eleven years.

A suitable loan was found with Barclays, who lent the £212,850 over 20 years as a limited company purchase. The product was a competitively priced base rate tracker.

Steve Sanderson, Commercial Bridging Specialist at Clever Lending, commented: “This was an interesting case to work on as it had all the hallmarks of a specialist lending case, with it being a semi-commercial premises, a self-employed client and renovation works required for adding rental accommodation. However, it was with a mainstream lender the most appropriate commercial mortgage was placed, showing that it’s vital to assess each case on its own merits and look across the whole spectrum of lenders to find the most suitable solution.”

The broker said: “It was a pleasure to work with Clever Lending. From the outset of my initial contact all my queries were dealt with in a very professional manner. I was very pleased that, as promised, all correspondence came to me at exactly the times we agreed upon. When speaking to them they showed that they had the knowledge and expertise in answering all my questions with regard to the mortgage application. They were clear and always happy to explain to me and outlined the advantages and disadvantages of the various lenders’ criteria. I was always kept informed and brought up to date which in return gave me confidence in their expertise.

“I would happily recommend Clever Lending as they were very professional and overall I was very impressed with the level of service I have received.”