£1m commercial remortgage of holiday complex to raise finance
The client: A long-standing client who is an experienced, trading hotelier. He is also a part-time property investor and developer with a mixed portfolio of 10 residential and commercial properties.
The property: A B&B-cum-holiday let business spread across three separate freehold premises all sited around a pretty courtyard close to a busy tourist town.
The finance: The client wanted to remortgage all three units to release £1m which he intended to use to expand his portfolio.
The application process: We spoke to the local lending manager of a bank which we often work with on leisure industry deals. The manager agreed that, in principle, the bank would be happy to provide the necessary finance.
To support the mortgage application, we helped our client put together a strong business plan and collate the required supporting documents including:
• Management accounts and bank statements for the holiday business
• Proof of identity, address and income for the client
The bank issued a formal mortgage offer less than two months later, which our client was delighted to accept.