Our client Mr and Mrs Williams approached us to secure funding support for the purchase of a major 32 Bed town centre hotel in Dorset. The couple were embarking on a new venture from ‘city’ careers in London along with Mrs Williams parents who had strong hotel sector experience. The couple had two London properties to sell to support the Hotel purchase, the family home attracted an early acceptable offer but an investment flat on a buy to let mortgage was proving difficult to sell. Given the brief we immediately produced a strong business plan for the new venture supported by 3 years trading accounts for the Hotel.
Detailed negotiations with 4 lenders produced an agreed 70% advance of £1.4 million for the Hotel at 3.25% above bank base rate plus a temporary Bridging Finance Facility secured against the London flat to ensure the deal could complete on time. The mortgage was concluded successfully and the bridging facility redeemed 2 months later when the flat eventually sold.