The investors, Soller Group, faced strong competition to secure the purchase of the building on Broad Street, Birmingham, because of the popularity of the area, which is close to the heart of the nation’s second city and a centre for its nightlife, so they needed funding quickly.
They approached us to review the case, having worked with Together before, and, thanks to the quick turnaround, were able to secure the property at below market value and complete the acquisition. The buyers now intend to apply for planning permission to turn the building into serviced apartments, delivering much-needed accommodation for people choosing to live in this exciting regeneration area.
In cases like this, speed and service are key, as there is often fierce competition over these kinds of commercial properties that have huge potential for redevelopment. This kind of investment often has a knock-on effect on the general area; attracting further developers to transform areas which have huge potential into thriving metropolitan hubs.
Specialist lenders can often step in to make these kinds of projects a reality when the mainstream banks aren’t able to help, particularly when the cases are more complex, require a quick completion or both.
We work closely with investors, businesses and professional introducers, to look at the bigger picture, so that we can help them realise their plans.