(Refurbishment loan, refinanced onto Commercial Mortgage)
Client had been renting 4 warehouses and were looking to build their own warehouse which they commenced work with the developer on their industrial site during Covid.
Client approached Approved to assist with financing of the internal refurbishment of their newly built warehouse as they did not have the funds to finish all of the internals having not borrowed for any part of the development to date.
Asset - 35,000sqft industrial unit for warehousing and offices; Loan- Approved provided a £2.0m refurbishment facility along with a £0.5m asset finance facility to fully finance the internals.
The Refurbishment loan is now being refinanced (after 6 months) onto long term commercial mortgage facility which will also release a further £1.8m of equity tied up in the building, at a new loan to value of 65%.