This is how traditional property purchasing goes, for both residential and commercial buyers and sellers.
A seller decides to sell, typically instructs an estate agent, whose job is then to market the property on portals (and social media), generate viewings and offers until contracts are exchanged and completion takes place.
But this model often fails.
We thought we’d exemplify what causes failures like this in a case study where the Masutes team actively solved a problem that seemed insurmountable.
This international buyer had seen a commercial property online, in one of Britain’s finest national parks.
After several long-haul flights to view similar properties in this area, she then decided to make an offer to the estate agent.
All well and good, you’d be thinking, but what this international buyer did not understand (and the estate agent failed to explain) is that an 100% mortgage on a 32 bedroomed hotel was impossible to source. Yes a property could be found, but that finance? No.
To complicate matters too, said buyer wanted additional funds to pay for extensive refurbishment.
It’s perhaps understandable that the estate agent didn’t delve into the buyer’s circumstances, given that their job is to showcase a property and not show extensive expertise on financing of commercial properties. They knew the client was in a position to buy having sold their own commercial property; they gleaned that a substantial deposit was in place but they didn’t acknowledge or even know the impossible nature of securing 100% LTV on a commercial property, with substantial investment planned on refurbishment.
This is the point we’re making at Masutes – if you’re looking to buy one or more properties say in the £250,000 to £500,000 bracket, your first port of call shouldn’t be estate agents or property portals, but to us. We can advise you, without any vested interests in making a property go under offer, on what your financial options are.
We all love a happy ending in life – did the buyer secure her dream hotel?
Masutes advised the buyer on ways forward and the next time she steps off a long-haul flight to inspect a future investment, she will know that she can buy it, as we have given her a short term financial strategy.
Want to know more?
Contact one of the Masutes team today.