Cornerstone Capital Completes Largest Deal to date

Cornerstone Capital were introduced to Victoria Moreton via the Cornerstone Commercial Finance team. Victoria is the daughter of one of their longstanding and highly valued clients so had been recommended to approach the team by her father. Victoria had seen a property in Penarth that was a perfect addition to her portfolio and needed to act swiftly to beat off the expected competition for the flat and secure the purchase.

The Challenge

The target apartment was located in a highly sought-after location in Penarth and represented a perfect acquisition in Victoria’s ongoing strategy. The challenge was to provide evidence to the estate agent and vendor that she could complete quickly despite not being a cash buyer at this point in time. There was competition for the property and already a bid in place just below the asking price. Victoria had contacted the Cornerstone Commercial Finance team around 7pm and wanted to know what chance she had of putting a bid into the agent the next day.

Cornerstone capital case study

Why Victoria Chose Cornerstone Commercial/Capital

Victoria was referred to the Commercial team by her father, who had a longstanding relationship with ourselves and Jamie Ringer, our (Commercial Finance Sales Director) in particular. Jamie introduced Rob Williams in the team to Victoria within hours, and Rob’s detailed fact find quickly highlighted an opportunity to introduce Cornerstone Capital to the client.

How Cornerstone Capital Responded

Haydn Thomas, Director of Cornerstone Capital, picked up the case early in the morning, after the initial enquiry and on the back of Rob’s detailed submission, he was able to agree an AIP for a loan to cover 100% of the purchase price of the apartment using a commercial property which Victoria owned outright as security. This AIP was issued the same day with a letter to the selling agent confirming funding was available and completion within 6 weeks was the aim.

The Results

Working closely with both the client (who was fantastic at supplying information requested promptly), Rob Williams in the Commercial Team (who did a brilliant job in packaging and presenting the case), Tom Matthews at our Solicitors HCR and our valuer Chris Clarke we were able to fund the purchase in less than 5 weeks from the first enquiry.

This was particularly pleasing given the nature of the property we took as security, which was a former industrial unit split into a multi-let building with a wide variety of tenants and lease terms. We took into account the quality of the individual, the asset overall and the clear exits on offer to cut through much of the red tape and deploy appropriate indemnity policies to make the deal happen.

We also priced the deal at residential property rates rather than commercial, again reflecting the quality of the client and the low LTV in place. The client said:

“I can’t thank you all enough, including Tom. You are a fantastic team, and I highly recommend you! Communication was incredible and I always felt like top priority, which is pretty rare these days”