Kuflink rises to challenge to deliver short-term finance with long-term benefits

Brian West

16 October 2017 12:12 GMT

Kuflink was approached by a broker who had a client looking to borrow £252,000 to purchase the two-story commercial property in Birmingham for £360,000, which he had leased for the past 20 years.

A spokesman explained:

"Speed really was of the essence as the property had not gone on the market and the vendor was especially keen to ensure that the sale went through rather quickly.

"On the second floor there is a hugely successful beauty salon, which has spent quite a substantial amount of money on the premises, but didn't have a lease with the vendor. A further complication that arose and had to be dealt with was that the sale was subject to probate."

The solution, says Kuflink, came about by working very closely with the client and broker.

"By doing this we were able to overcome the numerous challenges with this deal and took a first charge over the commercial property," the spokesman added. "The client is arranging a lease with his tenant and has already started to put in place long-term finance with a mainstream lender to repay the loan."

The deal breakdown, disclosed by Kuflink, shows that the funds required came to a figure of £252,000, with a loan duration of six months and loan-to-value (LTV) of 70 per cent.

Security was provided in the shape of a commercial property comprising two retail shops in Birmingham. Charge: first charge with an open market valuation of £360,000.

Explaining why the client decided that it was pertinent to choose Kuflink, the spokesman added:

"This deal came from a new broker we had met at a recent corporate event. The broker was confident that Kuflink was flexible and could meet the timescales."

Meanwhile, the firm has revealed that it is extremely proud to be at the forefront of many "amazing initiatives that aim to raise funds for people in the community".

The Binning and Chattha family, who are founders of Kuflink, set up The Alpha Foundation in 2008 which provides support to communities in Kent and Gravesham, where the company has its operations.

The Alpha Foundation has also worked with The Princes Trust to deliver education, sport and health initiatives through their "achieve programme".

Kuflink

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