A popular Chinese restaurant that has been in operation for over 30 years and has built a loyal customer base. The owner inherited the restaurant from his parents and has been successfully managing it for the past few years. However, tragedy struck when both parents passed away in quick succession. As a result, the owner was left with a large Inheritance Tax bill to pay off.
Our client needed to raise £400k quickly to pay off the Inheritance Tax bill. They considered using a bridging loan but found that the cost was too high. The owner approached Brad on the commercial team from Propp for advice, and we recommended remortgaging the property to raise the funds needed to pay off the IHT bill.
We helped our client to identify the best remortgage deal for his needs. After some research, we found that NatWest offered a great rate of 6.9% on leisure properties, including restaurants. The rate was fixed for 5 years, which meant that our client could be sure of his repayments for the foreseeable future.
Propp submitted the remortgage application to NatWest, who quickly agreed to the loan. Within 3 weeks of receiving the case, NatWest sent a valuer to assess the property and confirm its value.
Thanks to the help of Propp and NatWest, our client was able to raise the £400k needed to pay off the Inheritance Tax bill. The remortgage deal offered by NatWest was affordable and gave our client the security of fixed repayments for the next 5 years. Our client was pleased with the outcome and felt relieved that he had been able to pay off the Inheritance Tax bill.