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23 July 2019 | Retail Mortgages

First time buyer secures funding through Christie Finance to purchase petrol forecourt station

Specialist commercial broker, Christie Finance has secured funding on behalf of a first-time buyer in order to acquire Sutton Road Self Service, a petrol forecourt based in Hull, the sale of which was managed by agents Christie & Co.

The petrol station is located on a busy arterial route, three miles to the north east of Hull city centre and serves a good mix of residential and commercial customers.

New owner and first-time buyer, Lohith Reddy plans to trade under the Costcutter brand and introduce new product lines to increase sales. Mr Reddy comments, “It was great to work with Christie Finance, I am an entrepreneur from India and it was my first business purchase in UK. I wasn’t confident about the loan until I had spoken to Alena Ray at Christie Finance. Since I have never transacted in the UK, I found dealing directly with the banks to be quite complicated, but Alena made it simple and quickly secured the loan for my freehold purchase. I strongly recommend Christie Finance.”

Alena Ray, Finance Consultant at Christie Finance, who secured funding for the purchase of Sutton Road Self Service, comments, “It was a pleasure assisting Lohith with his first petrol station acquisition in the UK.  With Lohith residing in the UK on an entrepreneurial visa, this presented a few obstacles with mainstream lenders, but we were able to source competitive lending terms for him by mitigating the risks of the short-term visa. He has sufficient experience in the sector, already devising plans to improve the performance of the business. I wish Lohith every success in his new venture.”