Commercial Property: The Man from Lloyds TSB ΓÇô He Say ΓÇ£YesΓÇ¥
In what might be a positive sign for businesses throughout the UK, Lloyds TSB have stumped-up a ┬ú16m loan to help finance the purchase of a 76,000 sq. ft. office property located in the City of London.
While Stenham Property, the company to which the loan will be made, may have some $3.1bn of property assets spread across the UK, Germany, Switzerland and Japan on which to secure such a loan it is the comments that accompanied the loans announcement which could offer a wider hope for those wishing to gain finance from UK banks:
Quoted on thebusinessdesk.com, Head of UK Property at Stenham Property explained “Colin Anderson, and his colleagues at the bank, demonstrated their expertise and understanding of our business by delivering a very competitive financing package which enabled us to purchase 24 Chiswell Street.”
This statement of a ΓÇ£very competitive financing packageΓÇ¥ could bring hope to many, particularly SMEs, that lending by banks could be becoming more reasonable, an issue which has attracted a spate of criticism recently ΓÇô most noticeable from the newly installed Vince Cable ΓÇô concerning the unattractive and off-putting nature of loan agreements being offered by banks.
“This deal once again demonstrates that, despite the current economic climate, Lloyds Banking Group remains committed to supporting quality property teams with a clear vision for the futureΓÇ¥ explained Colin Anderson, Relationship Manager at Lloyds TSBΓÇÖs Birmingham-based corporate markets team.
“We look forward to continuing the relationship with the management team at Stenham Property as they drive the business forward.”