Convenience store owner develops business portfolio to become a landlord.
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.
