Case study
£700,000 commercial mortgage secured for Midlands business
Craig Jones, Business Development Manager in the Midlands funding team, was approached by a growing technology business to support with a commercial mortgage. Having worked with the client in 2016 at the inception of the business, Craig was sought through LinkedIn to support the business once again due to their previous positive experiences.
The client’s bank was unable to provide the facility, and the team needed to move quickly as their rental agreement was coming to an end, with a need for larger premises.
With a background in commercial banking, Craig has a clear understanding of the industry’s appetite - and was able to mitigate with new lenders the rationale for the incumbent bank declining the commercial mortgage.
Craig quickly developed an in depth understanding of the current business model and figures, then liaised with a panel of funders on behalf of the client. Managing the full application process, Craig created a shortlist of funders within two days and progressed with the eventual funder to satisfy their criteria. As the business had already been declined, they needed a quick decision, and the preparation enabled a smooth transaction.
Another key in progressing the opportunity was regional knowledge - having worked in various Midlands towns, Craig had a good knowledge of the property market.
The client was successful in securing a £700,000 commercial mortgage in the timescales required and is now operating from their new property.
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