Earlier this year one of Brokerplan’s network partners approached the case team to source funding via a commercial mortgage.
The client who has an existing mobile catering business which they have grown over the last 14 years, intended to buy a freehold building consisting of a trading café and a self-contained residential flat, for a total consideration of £225,000. The client had a gifted deposit from family and had equity in their own property.
The café’s current owners were retiring and winding down the business, leaving an opportunity for someone to take over the business and help it reach its full potential.
£145,000 of funding was arranged with Natwest Bank for the client which has enabled them to purchase the café and flat. 60% of the total case commission was paid to the partner – Which totaled £1,566.