The Client

The owner of a successful seafront hotel in North Yorkshire was seeking a route for retirement. Having owned and run the business for many years, our client had gained planning permission to convert the hotel into six luxury, seafront apartments.

The Case

The client had a commercial mortgage on the property, under which he was not permitted to develop. He required funding to repay the initial mortgage and fund the development.

Our property team sourced a £1.8 million residential development loan that repaid the mortgage and covered the cost of the construction works. The loan was completed and delivered within seven weeks of the clients initial consultation.

The Result

The conversion project is moving to schedule with the first of the units already sold and the remaining soon to be on the market. The client has successfully created five luxury, high end apartments and is well on the way to achieving his long-term retirement goal.