British businesses are planning a 拢1.7bn investment boost over the next two years as Brexit uncertainty ends.
According to the recent Together survey, more than a quarter (27%) of owners and senior executives at SMEs 鈥 the equivalent of 1.6 million businesses 鈥 plan to move premises as apprehension over the 海角视频鈥檚 departure from the European Union ebbs away.
鈥淲e鈥檙e expecting the investment taps to be turned back on as business confidence starts to return, post-Brexit,鈥 explains Sean Williams, the new head of professional sector at the firm.
鈥淥ur survey showed there are SMEs in the North and Midlands which are looking to grow by expanding their workforces or buying new premises.
鈥淭hey will need lenders who really know their individual regions and who are willing to look at proposals in their entireties, building relationships with clients and providing a degree of flexibility rather than taking a 鈥榯ick-box鈥 approach when making their funding decisions."
In one of its recent deals, Together provided a short-term loan to a property group and long-standing partner to purchase an empty office block in Manchester.
鈥淲e鈥檝e teamed up with them as their finance partner on previous projects in Birmingham, Glasgow and London, so we know the company directors personally,鈥 said Williams.
鈥淲e have property experts who have a deep understanding of the Manchester commercial property market and who could see the huge potential in the client鈥檚 development plans, so we鈥檙e happy to provide the finance quickly, for them to seize an opportunity by buying the offices.
鈥淚n another example, we provided 拢2.5m to a company in just 12 days, so that they could buy a large industrial estate. There was a lot of competition from rival businesses but this quick turnaround allowed them to get in first and secure the deal.鈥
The property lender, based in Cheadle, also specialises in providing finance for individuals buying at auction, a space where traditional funders often find it difficult to operate.
Its auction finance can be a useful for investors looking to buy residential, commercial, mixed-use properties and land.
"The buyer will often need to have finance in place and complete within 28 days once the hammer goes down. That鈥檚 sooner than most mortgages can be arranged, so auction finance can bridge the gap between the completion deadline and the mortgage being granted.
鈥淲e always put the client at the heart of our decision-making and look for reasons to say 鈥榶es鈥 to their applications. We have a genuine intent to find a way to make a deal work. You don鈥檛 often get that commitment and responsiveness from high street lenders.鈥
As Williams settles into his role, he is alive to potential growth opportunities in 2020.
"Whether that鈥檚 expanding our footprint in the regions, maximising our existing professional sector and partnership relationships, or considering how we can amplify some significant opportunities in the auction space," he said.
According to Deloitte鈥檚 Crane Survey 2020 Manchester city centre is currently witnessing a boom.
New office developments are expected to deliver 15,500 new jobs, adding 拢309m in wages and providing a boost to the local and regional economy.
Williams also points to opportunity in the wider Greater Manchester area, in towns set to benefit from infrastructure improvements over the next few years.
鈥淭here are also opportunities for commercial property investors who may want to look outside the city centre to towns such as Stockport, Oldham, Rochdale, Altrincham and the wider North West,鈥 he said.
鈥淭hese areas could benefit from large infrastructure projects like HS2, Manchester Airport鈥檚 expansion or increased accessibility through proposed extension of the Metrolink.鈥
Looking to the future, Williams believes there is opportunity for commercial property investors seeking to revive empty and disused buildings. His team has experience in helping to fund such endeavours.
For example, they have provided such a loan for property company Hall & Co to re-purpose Stockport鈥檚 previously empty Bank Chambers and turn the Grade II-listed, 152-year-old building into new co-working offices.
鈥淢anchester has more than 4,000 commercial properties which are not currently being used," he said.
鈥淲e can provide the finance needed to renovate, re-purpose and breathe new life into these disused spaces and ultimately regenerate our local communities."
