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The client was an experienced investor who had recently agreed to purchase the virtual freehold interest on a commercial building in East Sussex, let to a major UK supermarket chain on a new 15-year lease at a price of £1,320,000 with initial rent of £70,000.
They also owned a building near Old Street valued at £750,000 with no outstanding debt, and were looking to raise as much of the purchase price as possible.
A total of £1,300,000 was raised on two separate mortgages to enable the client to complete the purchase.
Disclaimer: This information is general in nature and does not constitute legal, tax or investment advice.