Like most business owners the COVID pandemic forced the clients to act quickly with commercial decisions to adapt their business so they could continue to thrive. It therefore made complete business sense to stop renting, and purchase premises to trade from, to further strengthen the business.

When the opportunity arose to purchase the property next door, which has been vacant for around 5 years, the client spoke to Genie Lending straight away. Knowledge of the area, with a current client base and proven track record stood to strengthen the proposition. Furthermore, the property itself is a large space with an unused takeaway and restaurant on the ground floor and a huge 8 bedroom flat above.

Our client could see beyond the repairs that were required and the possible potential in the property. They approached it with a clear commercial plan, keeping their business goals in mind, whilst also seeing the opportunity for portfolio expansion. Through splitting the ground floor commercial space into a takeaway (to let out), and retail unit to move their existing business into (subject to local authority consents). They would then look to gain planning to convert the 8 bedroom flat, into four 2 bedroom flats which can be let to generate further income.

To attain the finance, our Genie Lending dedicated Case Manager worked closely with the client over the many complexities to attain the required funding. Our experienced Case Manager guided the client through the hurdles that they would face for example, with no planning in place to split the commercial element, or to convert the flats, a long term commercial mortgage is not possible. Secondly, development lenders will not lend if planning is not in place, and should they try and obtain planning before purchasing they run the risk of the vendor increasing the purchase price! Also counter to their application, was the poor condition of the property. Main stream bridging lenders were concerned that this could lead to unforeseen expense, that would be detrimental to the loan repayments.

Genie Lending were able to overcome all of this, and accomplish a bridging facility with a flexible independent lender, who could also see the potential in the property. Having visited the property personally, and obtained specialist reports, the lender was able to provide a funding facility to support the purchase, and moreover, when planning is in place will assist with the development finance.

Once fully developed the client will be able to refinance the whole building on to a long term mortgage. In doing this, our client will have an increased income from the takeaway and the accommodation rental of the flats, thus meaning that they will no longer have to pay rent on their own retail business!

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.

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The simple truth is that business loans are an integral part of expanding operations and fulfilling potential in pretty much every industry. Here’s a quick (and by no means comprehensive) rundown of various industries which use commercial loans, to give you an idea of their ubiquity in the modern business world, regardless of sector.

Manufacturing

With continual repair and maintenance costs for machinery and staff payroll and premises rental fees to worry about, manufacturing can often be a never-ending struggle to stay in the black. If a piece of equipment requires replacement, in particular, a loan can come in handy.

Construction

Since the construction business often entails an incredible number of different components to come together, there is often a hierarchy of contractors and sub-contractors long enough to make anyone’s head spin. As a result, there can be lengthy delays in invoice payment, which is why the construction industry often employs invoice financing or other forms of credit.

Printing and publishing

With the world of publishing often being dependent on unpredictable factors (such as the success of a potential best-seller, for example), access to credit can be at a premium. When the Next Big Thing comes along, printers and publishers often need capital without waiting for their last project to come through.

Transportation

A broad area, transportation covers everything from taxi firms and rail companies to airlines and delivery businesses. Invariably, those in the industry suffer unforeseen expenses from time to time, such as the breakdown of a vehicle or fluctuating prices of fuel, which can necessitate a loan to access capital at short notice.

Agriculture

Whether it be to invest in the latest agricultural technology, bring your farm into line with modern best practices or branch out into others fields like green energy, agricultural finance represents one of the biggest segments of the sector.

Energy

Speaking of energy, the power generation industry often involves expensive pieces of equipment and machinery, from monumental wind turbines to even bigger nuclear reactors. Of course, in addition to the high costs in purchasing and installing this equipment, it also requires constant maintenance and upkeep. That’s where a commercial loan can come in handy.

Catering

The leap from single enterprise to nationwide franchise is a large one – there are not many businesses which could manage it without the aid of a loan. On a smaller scale, the cash injection from a commercial loan could allow a restauranteur or publican to expand their premises, increase their outreach and enhance profit margins.

Retail

As with catering, expanding operations from a Mom’n’Pop store to a household name doesn’t happen overnight – nor does it happen without a substantial amount of capital. Loans can be instrumental in making that transition possible.

Consider a loan for your business

As you can see, businesses of all shapes, sizes and sectors require the monetary boost provided by a commercial loan to get their foot on the first rung of the ladder – or to expand their operations into pastures and markets new. To find out if a business loan is right for your company and for more impartial advice, get in touch with Genie Lending today.

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