Counting the beans to make an investment

The prospect owned and ran a well-established accountancy practice in Shipley for many years. The accountancy practice owned the commercial property where they traded from along with five other businesses; the commercial property generated a substantial amount of rental income every month.

The prospect was looking to release funds from the commercial property to purchase a new investment property, which would constitute the start of a commercial/ residential portfolio of properties. The prospect had put a deposit down on the first investment property and was due to complete the purchase within two weeks. The lender in the driving seat had made countless excuses as to why the prospect could not complete the deal despite being in the legal stage for 3-4 weeks.

Momentum was introduced to the deal, and from the first introduction, through the due diligence process, through to valuation, legal, and payout, it took ten working days.

Much to the delight of the client Momentum, was able to complete the transaction seven days before the day for completion of the purchase property.

We were able to move swiftly and be agile in our approach due to Momentum’s owner/ management structure. We were also able to complete the deal at a 75% LTV against the Commercial Property valuation, which gave the client additional funds to be able to do some minor refurbishment of the new investment property.

The client now has their new investment property, and the minor refurbishment works are well underway to create a new home for local businesses in the future.