Commercial finance broker Commercial Expert has completed a £500k financing deal for a new-build buy-to-let portfolio after a period of patience and diligence.
The company said that its investment in new-build apartments had been challenging because of construction delays caused by the Covid-19 pandemic and also legal issues over cladding requirements on the new apartment block. The County Durham-based broker worked closely with Bexley Properties Ltd on the purchase of the three apartments in York.
Commercial Expert secured a 3.29 per cent finance deal at 75 per cent loan to value for the new company, recently set up by Adrian Barraclough and his daughter Rebecca.
Tracey Barnes of Commercial Expert said: “This proved to be a challenging project due to outside factors over which neither we nor the client had any control. A very competitive finance deal was all in place, but the completion took six months due to the complexities that needed to be resolved. As with many building projects in 2020 there were delays and setbacks due to working practices and restrictions caused by the pandemic, and there were specific challenges over cladding on the building which is a sensitive and critical area in the light of what has happened in the past.”
Commercial Expert is an independent commercial finance broker offering a comprehensive range of business finance to a broad spectrum of clients, each with differing financial requirements.
The firm is authorised and regulated by the Financial Conduct Authority and a full member of the National Association of Commercial Finance Brokers since 2008.
This post has originally been featured in Property Wire.