Posts

Funding to refinance industrial units and self-storage containers

/in /by

We received an refinance enquiry from a business person who owns a small industrial estate in Northamptonshire, compromising of a combination of industrial units and self-storage containers.

They wanted funding, to refinance away from an existing lender, having come to the end of their term with the loan during the lockdown.

The client also wanted to raise additional funds to increase the number of units and self-storage, in turn increasing their revenue.

Despite the lockdown and inability to arrange property inspections, the Genie Lending Case Manager was able to discuss with lenders and obtain a competitive long-term mortgage for the client.

Moving away from the norm, we were able to get a fully credit backed mortgage offer without the valuation having taken place, enabling solicitors to start their process and giving the existing lender comfort that they were going to be repaid on time.

Once the lockdown eased and Registered Institute of Chartered Surveyors (RICS) valuers, were able to go out, a formal valuation was arranged.

Once the valuation was back, the lender was able to ensure a speedy completion so that our client was able to continue trading seamlessly.

If your business has found funding difficult to obtain you can trust Genie Lending to go to every extent to provide the correct finance quickly, for the result you want. As well as the household names in the industry we have access to proven lending sources who you will not find on the high street. Our aim is to help UK SME’s obtain funding for all their business requirements, whether that be growth, acquiring premises, paying HMRC liabilities or simply working capital. Genie Lending can assist with complete finance solutions.

Convenience store owner develops business portfolio to become a landlord.

/in , /by

A convenience store manager who had owned and successfully traded from the same premises for 10 years in Cheshire had recently grown to require new premises.

The ambitious client, had been steadily growing the business and consistently repaying the existing commercial mortgage facility with their high street lender. However, having now outgrown the building, they were required to move to a new location. This presented an opportunity to rent out the existing premises, an idea that had been in the planning for some time and would give them the ability to diversify their portfolio for income stability. They would split the current building into three separate units to let out, generating additional income.

From what seemed like a relatively straight forward plan there were some hurdles to overcome. This became clear when they approached the high street banks for funding. Having no previous commercial landlord experience being one, the change in structure and no tenants in place at the time. These factors seen as prohibitive by the high street banks forced the client to refinance and seek funding elsewhere.

When the client approached Genie Lending the Case Manager spent time understanding the client’s requirements, and various complexities within the case. He looked at these carefully with the client and their solicitor helping them to draw upon relevant information to present in order to obtain their funding.

Among the plus points were that the new premises were in the local vicinity of the existing, therefore this meant the client could keep a good handle on the three tenants.

A solution was found and an agreement in principle obtained from a competitive lender providing appropriate long term funding. The client was happy with the terms provided and proceeded accordingly.

This concluded with an acceptable formal offer being provided and legal representatives instructed within 12 working days of submitting the application.

If your business has found funding difficult to obtain you can trust Genie Lending to go to every extent to provide the correct finance quickly, for the result you want. As well as the household names in the industry we have access to proven lending sources who you will not find on the high street. Our aim is to help UK SME’s obtain funding for all their business requirements, whether that be growth, acquiring premises, paying HMRC liabilities or simply working capital. Genie Lending can assist with complete finance solutions.

How a Bridging Loan can Help your Finances

/in /by

A bridging loan, sometimes known as bridging finance, is a viable short term lending option for many businesses. It’s called a bridging loan for a reason – it acts as a financial bridge, helping you along to your next destination. It gets you from A to B, until you have money coming in to clear the loan.

Many companies opt for a commercial bridging loan because they can be arranged in a very short amount of time compared to other types of finance. They are also available up to very large amounts – up to £20 million from private and flexible lenders. Short term bridging loans are available to individuals or businesses, but are generally used for the same purpose. Read more →

How to Buy a Commercial Property without a Bank Loan

/in /by

If you’re looking to buy a new commercial property or renovate the commercial premises you currently occupy, you might think a business loan from the bank is the only way. However, high street banks are not the only places which can support your commercial property investments.

Finance is a barrier for many businesses, but a lack of cash shouldn’t hold you back. In fact, the majority of companies wouldn’t have achieved success unless they borrowed money to grow. In order to expand and flourish, you require a funding solution which allows you to purchase the type of property you need – shops, retail units, farm buildings or industrial warehouses.

So is it really possible to buy a commercial property without help from the bank? Yes.

Commercial mortgages from the high street banks

A commercial mortgage is a bank loan which is intended to be used for purchasing a business property. A general business loan will have lower lending limits than a commercial mortgage. This type of mortgage differs from a residential mortgage, and you will likely need a large cash deposit as commercial mortgages tend to cover 70% of the property price.

As always, when borrowing from high street lenders the level of risk is measured precisely and if any factor falls slightly outside the risk profile, the mortgage application will be refused.  It is becoming very difficult to obtain any loan from a bank, especially a mortgage.

Other options to Buy a Commercial Property

Almost all businesses require some sort of premises, whether it’s an office or a factory. If you need to purchase commercial property for your business, or you want to buy a business which is for sale such as a B&B or a restaurant, then you don’t always have to rely on the high street banks.

The finance market has changed drastically over the last decade, allowing loan brokers and alternative finance providers to offer a range of alternate solutions. They explore funding streams to offer businesses commercial mortgages to companies that would typically get refused a loan from the bank. Alternative finance providers offer tailored solutions to fit your business, whether it’s development funding, a bridging loan or a traditional commercial mortgage.

If you need to purchase a commercial property and would like to discuss the options available to you, call our business finance managers on 012020 868843.