Converted Mill with Commercial Workshop and Three Apartments in Lancashire
£920,000 · 20 years · 6.45% fixed 5 yrs. A Lancashire property investor owned a converted Victorian mill comprising a large ground-floor commercial workshop unit let to a local fabrication company and three residentia...
The Client
Lancashire property investor
The Challenge
A Lancashire property investor owned a converted Victorian mill comprising a large ground-floor commercial workshop unit let to a local fabrication company and three residential apartments above. The existing mortgage was maturing and the investor needed a semi-commercial refinance to avoid reverting to the lender's standard variable rate.
Our Solution
Doulton refinanced the entire mixed-use building under a single semi-commercial mortgage. The workshop tenant had recently renewed on a new five-year lease - strong news for the commercial component. All three flats were let on rolling ASTs. The combined income stream comfortably serviced the new mortgage.
The Outcome
Refinance completed before the existing mortgage matured. The new rate was 0.70% below the SVR the investor would have reverted to. Annual saving: £6,440. The five-year commercial lease provided income security for the mortgage term. Key highlights: Single semi-commercial mortgage across all four units; New 5-year commercial lease strengthened the application; Rate 0.70% below SVR - £6,440 annual saving.