Commercial Unit Purchase - SGD / GBP Dual Income, Mixed Portfolio
£780,000 · 65% LTV · 6.15% fixed 5yr. A director of a Singapore-listed company acquiring a £1.2m freehold mixed-use commercial unit in Manchester, backed by four unencumbered BTLs.
The Client
British national, 52, director of a Singapore-listed company. UK and Singapore bank accounts.
The Challenge
With SGD 420,000 pa salary and director's fee plus £24,000 pa UK pension income, and four unencumbered personal-name BTLs, the borrower wanted to acquire a £1,200,000 freehold mixed-use (office and retail) commercial unit in Manchester at 65% LTV. The semi-commercial mixed-use property combined with a non-resident borrower is a combination most commercial lenders decline, and the UK clearing bank refused on non-resident status.
Our Solution
Doulton placed the case with a specialist commercial investment lender experienced in mixed-use property and comfortable with non-resident borrowers. The existing residential portfolio, all unencumbered, provided strong background security. The commercial property's rental income (£58,000 pa passing) supported the ICR test independently of the borrower's personal income. The dual SGD and UK pension income was used to further strengthen the application.
The Outcome
Commercial investment mortgage at 65% LTV (£780,000). Rate 6.15% fixed 5 years. Term 15 years. No personal guarantee required given the background portfolio and LTV. Manchester solicitors instructed and the client did not need to travel to the UK. Key highlights: mixed-use security accepted with a non-resident borrower; unencumbered residential portfolio used as background support; no personal guarantee required; commercial rental income ICR-tested independently.
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