BloomSmith has developed a range of partnerships with a number of the UK’s premier Insolvency Practitioners. Alongside our partners, we deliver funding support for property transactions enabling the property sale to be transacted fast and at maximum value for the benefit of all of the creditors.
We work with a number of Insolvency Practitioners and are pleased to announce our most recent partnership with @BegbiesTraynorGroup. All our partners impart expert commercial and strategic consulting advice to companies, investors, lenders, and other stakeholders that are seeking support. Where the assessment is that a disposal of the property assets is the most appropriate path, BloomSmith then manages the VAT funding element for the purchaser, ensuring a seamless transaction at full value is delivered.
The Process
When selling through property agents or auction services, BloomSmith funds the VAT element, meaning that a sale is expediated with the purchaser not having to pay the VAT from their equity, making the sale easier to complete and with a better price for the asset being obtained. BloomSmith provides a quick and cost-effective VAT funding solution to cover the VAT element of the purchase of the commercial land or property and can normally be reclaimed from HMRC in between 40 and 120 days.
Top Benefits of Working with Insolvency Practitioners and BloomSmith
The following are some of the key benefits of VAT funding and support via BloomSmith and Insolvency Practitioners.
- Expert Guidance: Our range of partners have years of experience helping clients make the right decision regarding their business. These decisions often pertain to tax and land and property deals especially where turnaround or recovery advice is needed.
- Improved Cash Flow: the VAT chargeable on commercial land and property purchases (20% of the purchase price), can be a barrier to a transaction being delivered. The unique, unsecured, VAT funding solution offered by BloomSmith allows the VAT element to be covered for the purchaser. There is no legal charge required on the property and therefore no impact on the term mortgage debt or security or Deed of Priority required.
- No Hidden Charges. Speedy Process: A fixed cost loan can be provided in short timescales through our established team of advisors ensuring a cost effective and efficient solution.
- Dream Team: With key personnel all with backgrounds in real estate, debt financing, and lending, BloomSmith brings a wealth of experience to their partners and customers alike. Having bought, developed, sold, and funded commercial property as well as addressing the necessary VAT requirements, BloomSmith knows the challenges involved and the importance of speed in any property transaction.
Now more than ever, as we evolve from the disruption caused by COVID-19, those responsible for making key decisions regarding business and the future will require effective and efficient funding solutions and the appropriate professional advice.
If you would like to know how we can support you in your commercial property transaction or are Insolvency Practitioners looking for solutions for your clients reach out to our Sales Director, Kate Ashton today.
