The clients' owned a commercial investment property that they rented out to a tenant as a convenience store. There was finance secured against the property with a high street bank. The client had been in dispute with the bank over the facility which had ended up with the ombudsman.
Unfortunately the client lost the claim and was no having to refinance elsewhere. The client had undergone a life changing event a few years ago and as such their credit file was very unhealthy. Also there were a number of issues with the property. Two options were presented and an interest only commercial mortgage was decided upon. As the client was also raising funds to necessitate the repairs to the property we will look to move to mortgage to a mainstream lender once the repairs have been completed and the clients credit files are of a better standing.
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