Glenhawk has completed a £1.12 million refurbishment loan secured against a Grade II-listed boutique hotel in Bath.
The specialist short-term lender provided the loan to an experienced developer who acquired the property below market value.
The facility provided 80% of the purchase price on day one and 100% of the refurbishment costs, at 66% loan-to-gross-development-value.
The funding allowed the borrower to acquire the hotel and refurbish it to a high standard, with the exit expected to be through term debt.
The deal was originated by Stephen Wrigley, business development manager at Glenhawk, and underwritten by Sonal Kavri, underwriter at Glenhawk. It was introduced by Mike Page of MKP Finance Limited.
Wrigley (pictured) says: “This deal needed a truly specialist lender. BMV deal, high loan-to-purchase price requirement, commercial refurbishment of a Grade II listed hotel; I’m not sure there are many in the market who would have been able to deliver on this one.
“A huge thank you to Mike for putting his trust in Glenhawk and for all his help in driving the case to completion.”
Page adds: “I had a brilliant experience working with Steve, Sonal and the Glenhawk team on this deal. It was by no means a straightforward transaction, but I found Glenhawk to be efficient, responsive and commercially minded in their efforts to deliver what was a brilliant outcome for our client.”
