Commercial Expert

Commercial Expert secures £500,000 deal for challenging BTL portfolio purchase

Brokerage Commercial Expert has completed a £500,000 financing deal for a new-build BTL portfolio for Bexley Properties.

The developer — recently set up by Adrian Barraclough and his daughter, Rebecca — required the funding for the purchase of three apartments in York.

The case faced difficulties due to construction delays caused by the Covid-19 pandemic and legal issues over cladding requirements on the new apartment block.

“This proved to be a challenging project due to outside factors over which neither we nor the client had any control,” said Tracey Barnes, business manager at Commercial Expert (pictured above).

“This was a situation which needed careful handling and for us to be patient and keep everyone informed.

“There were several parties involved and it was our role to keep in close contact, not just with the client — via phone, as well as regular Zoom meetings — but also the developer, estate agent, fire safety officer, lender and solicitor.

“It was a relief for everyone, of course, but very satisfying when it all came together.”

Commercial Expert secured the £500,000 facility from LendInvest at 75% LTV at a rate of 3.29%.

Adrian commented: “It was quite nerve-wracking at times and the delays, though nobody’s fault, made it an anxious time for all concerned.

“Rebecca and I couldn’t be more grateful to Tracey and the team at Commercial Expert for how they have handled this.

“I can’t thank them enough for the very professional, yet sensitive way they supported this whole process and navigated a successful conclusion to what was a very challenging project.”

Leave a comment