Gilsland Spa Hotel, Cumbria
Purchase of a hotel at auction in need of refurbishment.
A highly skilled property professional who is already known to Black & White Bridging, purchased the hotel asset at auction and required the funds for repayment. They will then complete the refurbishment works to bring the hotel to a 3 or 4-star standard and reopen it.
Amount Funded:
£750k
PRoduct type:
Commercial Bridging
Term:
18 months
property:
Historic hotel
exit:
Refinance
Refurbishment works and reopen...
The hotel is a 3-storey historic hotel of 91 guest rooms and a basement, including two suites totalling 93 bed spaces. The hotel is located on the border of Northumberland and Cumbria, with shops and amenities that are located in Gilsland Village to the south. The borrower is experienced in purchasing properties at auction and then refinancing. They will refurbish and complete works prior to reopening the hotel. The works will cost around £470k, which they will self-fund via their income from other properties that are known to B&W. They are also planning to create a new outdoors-themed venue in a sector in which they have extensive experience.
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Amount funded
£1.6m
PRoduct type:
Commercial Bridging
term
7 months
property:
Commercial office
exit:
Refinance
Commercial Bridging
The funding supported the acquisition of a strategically located semi-commercial asset in Birmingham, giving the borrower the flexibility and speed required to purchase the property prior to setting up development finance to undertake the proposed conversion works. The borrower plans to transform a former office building into a high-quality residential block of flats comprising 75 apartments, including 42 x 1-bedroom and 33 x 2-bedroom units. Full planning permission has already been obtained before completion, enabling the borrower to move forward with the next phase of the project.
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