Is loyalty always rewarded with low interest rates?
The Challenge
Our client had a good relationship with their bank for their industrial property lending, but they weren’t sure whether their loyalty was being rewarded with good rates.
Although they wanted to test the market to see if they could secure better terms, their preference was to not need to refinance.
On top of this, they also wanted a small increase to undertake upgrades to the property.
The Solution
We did face some initial hurdles from the incumbent bank, who were initially reticent to negotiate with a broker for a loan/client they already had. However, delicately negotiating with the banker, we showed them how we could add value whilst allowing the bank to retain their client.
The Outcome
Keeping the client at the same bank, we managed to secure a much better deal for them, with a 0.53% rate reduction, the funding increase for upgrades, as well as a 3-year extension of the term.
If you would like to discuss this article or learn more about our industrial lending solutions, please contact us.
