Case Study – Commercial Mortgage 2.18% over bank base rate
Loan: £400,000
Interest Rate: 2.18% + Base Rate
Loan to Value: 75%
We were approached by the director of an industrial coating company, seeking finance to buy out existing partners and also refinance existing property debt secured against their premises. The buyout funding required representing some 40% of total debt requirements.
Having already been turned down by their own bank, they were introduced to Omega through their financial advisor. Following initial discussions and review of the company accounts, we were able to outline indicative terms on the same day and progressed to a meeting with the new lender shortly after our detailed lending submission. Full Credit sanction, subject only to survey, was forthcoming inside a week with the finance secured at a margin of just 2.18% above bank base rate.
