Specialist short-term lender Glenhawk has completed a £1.12m refurbishment bridging loan secured against a Grade II listed boutique hotel in Bath.
The facility was structured at 80% loan-to-purchase price on day one, with 100% of refurbishment costs also covered, at 66% loan-to-gross-development-value (LTGDV). The borrower, an experienced developer, acquired the property below market value. Exit is by way of term debt.
The deal was originated by Stephen Wrigley, business development manager at Glenhawk (pictured), and underwritten by Sonal Kavri, underwriter at Glenhawk. It was introduced by Mike Page of MKP Finance Limited.
"This deal needed a truly specialist lender," said Wrigley. "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 echoed the assessment. "I had a brilliant experience working with Steve, Sonal and the Glenhawk team on this deal," he said. "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."
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