Strong Holiday Letting Business
Our clients, Fiona and Mark Shore, decided to take the leap and buy a self-catering holiday cottage letting business in the Lake District National Park having decided on a “life style” change from their location in the Home Counties.
Near Howe, marketed by Colliers International, presented a unique opportunity and perfect fit for Fiona and Mark’s “life style” change, and as Near Howe’s business was accommodation led, with an established trade and well-presented and maintained self-catering cottages as a result there was no need to embark on a steep learning curve had the business been food and beverage led.
How to secure a commercial mortgage
The real challenge Fiona and Mark faced was securing a commercial mortgage to assist them with the purchase of Near Howe, particularly during the pandemic, when the business was closed.
To realise their dream of owning a life style business, Stewart Hindley & Partners were introduced by Colliers International, to Fiona and Mark to provide a commercial mortgage solution to assist with their purchase on the most competitive terms available.
As with all “new to trade operators” commercial mortgage lenders’ are risk adverse, particularly so when the trade is being disrupted due to the pandemic, so this wasn’t one for the High Street. As a consequence, a specialist lender was identified, who had appetite to lend on prime lending terms and interest rates despite the challenges the purchase of Near Howe represented and the transaction process was fully completed within 3 months.
Successful mortgage outcome
During the transaction process, Stewart Hindley continuously engaged throughout the process with all stakeholders, which included the Vendors, Sales Agents’, the Commercial Valuers’ and all sides’ Legal Representatives and of course the Lender to ensure a successful and timely outcome.
Fiona and Mark completed on Near Howe in early February and all of the team at Stewart Hindley wish them every success for the future.
What Fiona & Mark have to say about Stewart Hindley:
“We would like to thank Stewart Hindley, particularly Chris McDonagh for their advice and support. They were in constant contact throughout the process, providing us with advice from the initial viewing process right the way through to contract exchange. Without their help and support I don’t think we would have been able to purchase Near Howe and be where we are today. We would recommend Stewart Hindley to anyone else thinking of making a similar lifestyle change. “