Commercial Mortgage to Acquire a Multi-Occupancy Office Building in a Prime Location in South East England
5th March 2024
Key Details:
- Client: UK Company
- Property Value: Circa £1,500,000
- Loan Amount: Above £1,000,000
A UK Client approached Enness for assistance securing a commercial mortgage to acquire a multi-occupancy office building in South East England.
The purchased property housed numerous tenants. A portion of them had their leases expiring in the coming years of the commercial mortgage term. Many lenders demand that the tenants in these situations have leases lasting at least as long as the fixed rate term they offer.
Due to our relationship with lenders in the UK commercial real estate market, including some who have a limited list of broker relationships, we were able to secure a 5 Year Fixed Rate, on an interest-only basis. The lender initially had an issue with the tenants whose leases expired during their fixed rate period. However, we were able to make them comfortable because those tenants had been in situ for over ten years on rolling 3-year leases.
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