Positive Commercial secures funding for £2m premises
Specialist commercial, bridging and development broker Positive Commercial Finance has arranged a funding facility through Lloyds Bank for a business client looking to purchase the industrial premises they rented in a transaction worth over £2m.
Manchester-based Concept Chemicals are an award-winning world-class manufacturer of innovative technical chemicals used in cleaning, re-conditioning and detailing solutions across the automotive, logistics, marine and industrial markets, with 80% of production being exported around the globe.
The opportunity to purchase the industrial estate on which their factory is sited was a vital part of their strategy to expand their manufacturing operations to cope with surging demand, and to secure future employment and investment in Manchester.
The client also saw the need to purchase the units to prevent another business acquiring the buildings, which would have meant a relocation, which wouldn’t be practical for their locally based staff or business continuity.
The funding agreed was structured as a £1,395,000 commercial mortgage over 20 years plus a short-term VAT loan and was completed in just six weeks – a very fast turnaround for a funding of this type.
Samantha Williamson of Positive Commercial Finance said: “It was a pleasure to help a client with such a well-established business and keen to purchase their premises to safeguard their future. It was imperative to progress the case swiftly and provide options for the client based on their mortgage needs and business plan. I’m very pleased with the outcome and they can now look forward to further success in a building they now own.”
Paul Teasdale, non-executive director at Concept Chemicals and Coatings Limited who led the deal for the company, said: “I was delighted with the responsiveness of Positive Commercial Finance and their professional expertise. Their extensive network of lender contacts meant we got the finance we needed, quickly, on better terms than other offers and generated a substantive saving from monthly repayments below what we were previously paying in rent. A winning combination and a very positive experience.”