YBS COMMERCIAL MORTGAGES COMPLETES DEAL IN HISTORIC LOCATION
04 Aug 2021
YBS Commercial Mortgages has completed a deal in an area of historic interest in Edgeware, London, for an international food superstore, who
have been established for over 20 years.
The deal, worth £500,000, was a semi-commercial transaction – a product the lender had added to their range just this year - which allowed the client to purchase the second freehold for his three-shop chain, as well as a couple of one bed flats. The rate was confirmed at 3.85%, fixed for ten-years on an interest-only basis.
The location of the premises - Watling Avenue, forms part of Burnt Oaks market, with stalls present along this stretch of road since 1930.
Mike Davies, head of business development at YBS Commercial Mortgages, said: “We’re delighted to have been able to complete this deal and support the growth of the economy in such a well-known and historic location. We hope this is welcomed by the local economy as we come out of the pandemic.
“The client was looking for a lender who could offer a good loan-to-value, quality rates and a long enough term to allow his payments to match
the rent, and we’re delighted to have been able to help. We hope to be able to help many more clients like this in the future.”
Mark Flower, head of commercial mortgage lending at Jerroms, who brokered the deal commented: “It’s really refreshing to see that lenders have an appetite to help the Small and Medium Enterprise (SME) community. This case was handled professionally and quickly, and even though the offer had to be renewed at one stage, the case manager was able to ease the path to completion.
“It’s a pleasure to have Yorkshire Building Society as a lending partner, and I look forward to working with them going forwards”.