A client who had been running hotels for many years wanted to take the leap to buy her own premises. She found a beautiful property valued at £1.2m; a pub with 7 lettable rooms as well as two lettable units at the back that needed a refurb.
The purchase had an 8-week deadline, which is incredibly tight for a commercial purchase. The client had no previous commercial investment experience or property development experience, and the premises, including the lettable units, needed some serious refurb.
The lender to agreed to a desktop valuation to speed up the process. We secured an 18-month term to give her enough time to complete the work and refinance. And to make the lenders comfortable with the loan size, we secured a second charge on her residential property.
Secured a commercial bridging loan with MS Lending at 1.1%. The client is going to live in the owner’s section, and refinance her residential onto a buy-to-let mortgage to repay the loan, as well as refinancing the hotel onto a commercial term mortgage once the work is complete. A fantastic outcome for a wonderful client who has made her lifelong dream come true!