Commercial Workshop Purchased at Bond Wolfe Auction in Wolverhampton
£224,000 · 8 months · 0.91% pm. A small business owner successfully bid on a commercial workshop unit in Wolverhampton at a Bond Wolfe auction, intending to occupy the premises himself and eliminate his rental costs.
The Client
Small business owner successfully bid on a commercial workshop unit
The Challenge
A small business owner successfully bid on a commercial workshop unit in Wolverhampton at a Bond Wolfe auction, intending to occupy the premises himself and eliminate his rental costs. His own bank needed four months minimum to process a commercial mortgage.
Our Solution
Doulton bridged the gap with a £224,000 commercial auction finance facility, completing in 24 days. The borrower occupied the premises immediately while his bank worked through their process.
The Outcome
Workshop secured at auction. Business relocated within three weeks of completion. Commercial owner-occupier mortgage redeemed the bridge at month seven, eliminating the borrower's annual rent of £34,000. Key highlights: 24-day completion on commercial auction lot; Business in occupation within 3 weeks; Client eliminated £34,000 pa rent.