Client details:
Dennis Connell and Clara Crouch
Property Details:
Shandwick House Inn located in Tain, near Inverness
Client's Problem
Picture having a passion for an industry and a job you love doing and wanting to take that to the next level but being hit by unimaginable interest rates, smaller LTVs and unrealistic repayment options when trying to source funding. Add to this the fact you have a strong credit file and a sizable amount to contribute as a deposit - it’s a horrendous scenario.
Unfortunately, this is exactly the scenario of one of our recent clients. A passionate guest house owner with years of experience working in the hospitality sector, he recognised that the boom in staycations made for a prime time to invest in an additional property.
Having spotted a beautiful space in Inverness, he set about looking for financial support to purchase it, only to be hit with multiple challenges such as lower LTVs and refusals due to the location of the property.
The Commercial Expert Way
With Appointed Representatives working from different locations, we’ve been successful in building relationships with introducers all across the UK. So, when CCL Property based in Scotland heard of Dennis’ issue, they introduced him to our Inverness-based rep, Ken Macrae. In true Commercial Expert style, Ken was quick to raise the case with our internal specialist Tracey Barnes, and the pair set about securing the best possible deal to fund Dennis’ dreams. By presenting the case to a panel of select lenders only and putting Dennis’ needs first, we were able to secure finance that was realistic and right for his business.
Outcome
A £237,000 commercial mortgage with RBS, packaged with a 20-year repayment term along with a 3.77% interest rate - fair and reasonable terms. A happy couple who can continue to develop their business and plan for the future without worry.
Testimonial
“We have been very happy with the way Commercial Expert has helped us navigate the last few months. It hasn't been lost on us that we are essentially still grappling with the pandemic and we're in an industry that has been hit particularly hard, so we are very grateful for the help to find a suitable lender in these uncertain times.” - Dennis Connell
See our case study featured in Bridging and Commercial Magazine