Refurbishment facility for Grade II-listed Bath hotel

We provided a £1.12m facility to support the purchase and refurbishment of a Grade II-listed boutique hotel in Bath.

The experienced developer was purchasing the property below market value and needed funding for both the acquisition and planned works. We provided 80% of the purchase price on day one, plus 100% of the refurbishment costs, at 66% loan to gross development value (LTGDV). The borrower plans to refinance onto term debt once the refurbishment is complete.

The case was introduced by Mike Page at MKP Finance Limited, originated by our BDM Stephen Wrigley and underwritten by Sonal Kavri.

Stephen said: “This was a complex case: a below-market-value purchase, a high day-one funding requirement and the refurbishment of a Grade II-listed commercial property. It was great to work with Mike and the team to get it over the line. Thank you to Mike for trusting us with the case and for his work throughout.”

Mike added: “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.”