Case Study 4
Restaurant RefinanceÂ
- Our client owned a well established and profitable restaurant. He sought to refinance his existing debt (£200,000) and obtain an additional £75,000 by way of equity release.
- The clients existing bankers refused to sanction the increased facility sought. Â
- Finance NI were approached and secured finance of £275,000 based on the market value of the property. The lender did not seek proof of the business’s financial accounts.
- A 20 year term loan was agreed at LIBOR +3.55% with the option of interest only payments for the first 5 years.