Atom bank has provided a £2.35 million commercial mortgage to finance the reopening of a hotel in Mayfair.
The deal was introduced by Gindy Mathoon, senior mortgage and protection adviser at Create Finance, with legal work carried out by Kimberly Crossman, commercial property solicitor at Square One Law.
The hotel had been closed for more than five years following the Covid-19 pandemic. Its new owners had struggled to secure the funding needed to reopen it.
Other lenders approached by Mathoon were uncomfortable with the hotel sector and the buyers’ perceived lack of experience in the industry.
Atom bank agreed to structure the loan after carrying out due diligence, allowing the hotel to resume trading.
Spencer Ford, business development manager at Atom bank, says: “This case perfectly illustrates why so many brokers come to Atom bank with their commercial deals. The hotel sector is a complicated one, and that alone can put off some lenders, but it’s an area in which we have built a formidable reputation.
“Similarly, other lenders struggle when the borrower doesn’t have extensive experience, but as a lender on the side of SMEs, we prefer to focus on ways to make deals work rather than find reasons to walk away.”
A spokesperson for Mathoon, appointed representative of Optimum Elite Network, adds: “This deal had a few quirks and hurdles, as a result I had a straight “no” from around nine lenders. Atom was willing to get into the details of the case and saw the potential.
“Spencer was brilliant on this deal, making himself available whenever needed, and providing a good sounding board on the various complications involved. Atom bank as a whole helped us come up with solutions to problems, rather than fixating on them.
“The rate was fantastic and the client is delighted as the hotel is now back up and running – you can’t ask for more from a commercial lender.”
