Mr and Mrs Williams approached us to secure funding support for the purchase of a major 32-bed town centre hotel.
The couple were giving up their city careers in London and starting their new venture with Mrs Williams parents who had strong hotel sector experience.
The couple had two 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.
We produced a strong business plan for the new venture supported by three years trading accounts for the hotel. We put this plan in front of four lenders and secured an agreed 70% advance of £1.5 million for the Hotel at 3.25% above bank base rate plus a temporary bridging loan secured against the flat to ensure the deal could complete on time.
The mortgage was concluded successfully and the bridging loan redeemed 2 months later when the flat eventually sold.