We were approached by a customer and asked to assist in a re-mortgage of his hotel which was owned freehold and let out to a tenant on an investment basis. (no tenant accounts available)
The client was looking to capital raise on the property, to assist him in renovating a recently purchased 2nd hotel building.
Having already approached 3 high street banks, all of which rejected the application due to the lack of tenant accounts and due to the sector of the business (leisure), he was concerned that there was no funding available to him.
As we have access to a large variety of lending organisations in addition to traditional high street source we were able to successfully raise the client £150,000 at 5.50% above LIBOR with a 1.95% lending arrangement fee on an interest only basis over 10 years with the ability to over pay the mortgage by 10% each year with no early settlement charges.
By providing the above commercial mortgage, our customer was able to raise the capital required to continue his refurbishments on the hotel he recently purchased in order to grow his hotel portfolio.
“If it was not for Charleston Financial, the whole project would have come to a halt as no other broker or lender was interested. I know where to come next time” Mr. B
In order to find out more about our bridging loan options and commercial mortgage, contact our new business team on 0800 612 3167 or submit your enquiry online.
