Our clients needed hospitality property finance to purchase a larger property in West Wales, but the deal relied on two separate funding arrangements completing at the same time.
A £256,000 capital raise against their existing holiday let provided the deposit, while a £283,000 facility was arranged to fund the purchase of the new property, which was being converted from a hotel into a guest house.
The challenge
The purchase depended on both funding arrangements completing together. There were also tight timescales to secure the property and progress planning for the change of use.
How we helped
We worked closely with the clients to structure the funding so both parts of the transaction could move forward at the same time.
This provided the deposit needed for the purchase while also securing the funding required to complete the acquisition.
The result
The purchase completed successfully, with planning approval following shortly afterwards.
We are now supporting the clients with longer-term funding options and discussions are already underway regarding their next acquisition.