Case study 2

First charge loan secured against shops with residential units above.

LOAN AMOUNT: £757,000

LTV: 18.26%

The borrowers were individuals looking to refinance an existing first charge loan on two residential units above a shop in North London, as the high street lender was not willing to grant a lease on the commercial asset without the client changing the loan product to an investment deal, which would have seen their rate change.

Refinance onto a high street commercial mortgage was already in place, and evidence of this was provided prior to completion.

The commercial element had a long-term lease in place, whilst the two units were let on AST agreements. This additional income provided.