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Hotel to Residential Conversion Scheme

Hotel in Blackpool into residential units

  • Loan: £480,000
  • Term: 18 months
  • Charge: 1st
  • Site Value: £660,000
  • Site: Hotel with planning
  • Exit: Refinance

Our client purchased a former hotel in Blackpool and obtained planning permission to convert it into residential units. As an experienced developer it was the intention of our client to conduct most of the works through his own Ltd company, but he required funding to undertake the project as quickly as possible. The client had approached a number of development lenders directly but found it difficult to find one that understood his project or who had the appetite to lend in coastal areas of the North West.

Our senior Development Finance consultant, Steve Pollard discussed the project in some detail with the client, who shared with him some really impressive and professional designed brochures highlighting the build and his research into demand for such residential units on completion. Steve found a development lender who hadn’t previously approved any deals in Blackpool but were similarly impressed with the clients presentations and appreciated his vision for the site. The lender provided our client with a £413,000 loan to develop the site at a highly competitive interest rate with their solicitors even taking it upon themselves to liaise with the local authority on the clients’ behalf.

Solution

  • 2% Arrangement Fee
  • 0.65% pm
  • No exit fee
  • No exit fee
  • Refinance onto BTL
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