Glenhawk has announced the completion of a £1.12 million refurbishment loan secured against a Grade II listed, boutique hotel in Bath.
The loan was to an experienced developer, and the property was purchased below market value. Glenhawk’s loan offered 80 per cent loan-to-purchase price day one, plus 100 per cent of refurbishment costs, at 66 per cent LTGDV.
The loan allowed the borrower to acquire the property and bring it up to a high standard, with the exit by way of term debt.
It was originated by Stephen Wrigley, business development manager at Glenhawk, underwritten by Sonal Kavri, underwriter at Glenhawk and introduced by Mike Page at MKP Finance.
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Stephen Wrigley said: “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.”
Mike Page said: “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.”
Image: Glenhawk
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