Christie Finance supports acquisition of vacant property being converted into apartments
Our client, Mohammed Iftakhar, approached Christie Finance in order to secure the acquisition of an old HMRC building, George Stephenson House in Stockton on Tees. The deal required a short timeframe for completion therefore, Christie Finance successfully brokered a competitive bridging facility, sourced via one of our specialist bridging lenders.
The building is currently vacant, with Mohammed purchasing it to convert it into residential apartments. The funding was delivered in two tranches - the first being a net sum that enabled Mohammed to purchase the property, with the remaining balance released three weeks after completion to facilitate the refinance of existing VAT facilities and cash spent on the remaining balance.
Mohammed is a seasoned property investor and is looking to take the current portfolio to the next level with the purchase of George Stephenson House. Mohammed is supported by three other directors, all of whom specialise in different aspects of property development, including build and contracting, project management and letting and sales. The refurbishment of the site will begin immediately with the assistance of Christie Finance again to source development funding.
Speaking of his experience working with Ram Kakar, Finance Consultant at Christie Finance, to secure funding, Mohammed comments, “We chose Ram at Christie Finance because we have found him to be proactive and this was important given the little time we had to complete our acquisition.
“The deal was complex from the very beginning as it spanned several securities and the release of existing charges from many of those securities. Ram helped us select a lender with a competitive rate and got the ball rolling within minutes of us engaging him. He helped kick off surveys, discussed LTVs and options for various securities and acted as the honest broker between us and the lender.
“For a variety of reasons, matters with our lender became overly difficult yet, rather than accepting the difficulties, Ram was not deterred and over the course of several weeks, there was barely a day where there were not multiple calls between Ram and I in an effort to resolve any issues.
“Cynics would be quick to point out that brokers receive commission and so it is right for them assist. However, I am pretty confident if I calculated the number of hours (many of them late) that Ram has put into this deal, he would barely be making minimum wage. Completion became a matter of principle and Ram, to his credit, took ownership of every aspect and it is no exaggeration to say we literally could not have completed this deal without his commitment and tenacity - lesser mortals would have fallen by the wayside as the going got tough and for that, I and my partners are very grateful.”
Ram proceeds to say, “Our clients committed to this acquisition from the first day the offer was accepted, and Christie Finance was instructed. We had extremely tight timescales and had to source the facility within one to two days of the offer to secure their position. We navigated through several bumps in the road and managed to secure the property for the clients in a timely manner. It is good to see our clients recognising our ability and expertise in order to deliver this facility within the required timescales. I would like to thank the clients for entrusting us with this case and we are very pleased to be able to continue our relationship.”
To get in touch with Ram, please contact him on:
T: 07764 241 349