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26 October 2020 | Development Mortgages

Capital raised against commercial investment property

Specialist commercial finance broker, Christie Finance, has obtained funding for Glimour Gray Limited to refinance their property, The Maltings in Stroud, in order to fund the purchase of a property for company directors Mr and Mrs D’Azzo.

Antonio and Rosario D’Azzo have owned The Maltings for over twenty years and, in this time they have refurbished and developed the establishment and even started their own business, Pizza Italia Trattoia, on the ground floor. The Maltings building currently hosts eight flats and a commercial unit on the ground floor and basement. The commercial space was originally occupied by the Italian restaurant and is now leased by a physiotherapy business
 
Over the last two decades, the company has created and maintained a highly profitable restaurant and residential space. Prior to owning The Maltings, Antonio procured extensive experience in the hospitality sector where he owned nightclubs across Swindon and Stroud. Following his retirement from the nightclub industry, Antonio invested in the family run restaurant business. Whilst developing the restaurant, the couple also converted and created the flats above the commercial space. Upon completion, the couple intend to continue to split their time between England and Italy and enjoy their retirement in their new home.
 
Mr D’Azzo comments, “Despite concerns regarding my age and the plans for the money which my bank would not support, Jimmy helped me to be able to buy my wife a home to spend our retirement in. Thank you, Jimmy,!”
Jimmy Johns, Finance Consultant at Christie Finance, who brokered the deal comments, “I am so pleased that despite Antonio’s initial concerns and declines by his existing lender, we were able to get a highly competitive deal which will allow him and Rosaria to find the perfect home to retire in. It is fair to say that my Italian has greatly improved throughout this transaction!”