CSF and Together complete commercial multi-tenant purchase in four weeks
Crystal Specialist Finance (CSF) and Together have completed a developer’s purchase and redevelopment of a £700,000 commercial site in Birmingham in just four weeks.
The client was an experienced property developer with a large commercial property portfolio; they wanted to buy two warehouses and an office on the same site, refurbish the two existing units and build a new industrial unit at the back.
They were under pressure from the vendor who wanted a quick sale, and the developer wanted to complete while waiting for approval from the planning authority to build the new unit.
Crystal approached Together, which agreed a £472,500 bridging loan for the purchase to be replaced by a development finance facility to fully complete works before the whole site goes back on the market.
Despite the fact that industrial units with multiple tenants tend to be more complicated at the legal stage, and that the purchase completed during a national lockdown, the sale was completed in four weeks.
Jason Berry (pictured), group sales and marketing director at CSF, said: “To complete a fully commercial purchase of a multi-unit site in just four weeks in the current climate, including a new full commercial valuation and legals, is amazing.
“I am hugely grateful for the effort and expertise demonstrated by everyone involved. The lender, client and solicitors have all been superb to deal with.”
Marc Goldberg, commercial CEO at Together, said: “It was fantastic that we could meet the ambitions of this experienced commercial property developer to seize an opportunity to expand his portfolio.
“We were able to instruct a valuation quickly and work closely with Crystal, their client’s solicitor and our in-house legal team at Priority Law to get the best outcome possible.”