Black & White Bridging has completed a £2 million loan to refinance and finish the conversion of a former Cheshire public house into a luxury holiday let.
The borrower, an experienced property developer and landlord who also works as an IT consultant, had already converted the former pub into a residential property.
The main dwelling had been completed and occupied by a tenant, but further funding was needed to repay existing debt and finish the refurbishment, including work on a separate annexe. The plan is for the whole property to operate as a holiday let.
The transaction involved restructuring the existing borrowing and releasing additional capital within tight completion deadlines.
Matt Yates (pictured), relationship director at Black & White Bridging, worked with the broker and borrower to arrange the £2 million facility. The loan refinanced the existing debt and provided funding for the remaining work.
Yates says: “Projects like this demonstrate why specialist lending exists. Every transaction has its own challenges, and in this case, it wasn’t just about refinancing an existing facility.
“It was about understanding the wider vision for the asset and structuring a solution that gave the borrower the flexibility and certainty they needed to complete the project.”
“The combination of tight timescales, debt restructuring and the evolving nature of the property meant a standard lending approach simply wouldn’t have delivered the right outcome.
“By working collaboratively with everyone involved, we were able to move quickly and provide a bespoke facility that kept the project on track.”
The lender said the completed development would add to the supply of luxury holiday accommodation in the North West.
Damien Druce, chief operating officer at Black & White Bridging, adds: “These are the types of deals we enjoy supporting. Rather than relying on a tick-box approach, we take the time to understand the borrower, the asset and the exit strategy.
“That enables us to structure facilities around the opportunity, not simply the criteria, and ultimately deliver the certainty our brokers and their borrowers need.”
