Pink Pig Loans has secured a £210,000 commercial loan for a local business, ensuring it does not have to relocate or close.
The client, a window-fitting company which had been trading for 20 years, wanted to raise the loan in order to purchase their current trading premises. The landlord had decided to sell and gave the client only a limited timescale – which was then shortened on a couple of occasions – to raise the funds needed for the sale.
If this had not been achieved, the client faced the risk of not having somewhere suitable to relocate to, and potentially having to close a business which had been successfully operating for two decades.
Pink Pig Loans says it took on the case from a prolific introducer with whom the packager enjoys a long-standing relationship, and was able to secure the commercial loan by working quickly and closely with Lloyds Bank. This was Pink Pig’s first commercial loan completion with Lloyds.
The loan was secured at 70% LTV, at a rate of 3.6% above Bank Base Rate, with a fee of 1.5%.
Luke Egan (pictured), director of bridging & development at Pink Pig Loans, said: “Many commercial businesses would love the opportunity to purchase their current premises as it can put them on a sound footing for the future, but this was a testing case as the client faced a really tight deadline in order to secure the property.
“Lloyds were a terrific lender to deal with on this case, recognising the need to move swiftly and delivering the funds on excellent terms. This was our first case with Lloyds, and we look forward to working with them closely again on further commercial deals.”
