The Old Mill, Bere Regis
David & Lorna have, very successfully, owned and operated, The Old Mill B&B in the lovely Dorset village of Bere Regis. They originally purchased the property as a residential property and the B&B evolved over time, however, over the last couple of years they became aware that instead of a residential mortgage they should have had a commercial mortgage as they were trading as a B&B.
David & Lorna spent some time looking at their options and eventually decided to engage Stewart Hindley & Partners to look at the finance options available to them and to arrange the refinance. Luckily the business had a good level of turnover and the net profit was sufficient to support the required debt service cover. This is not always the case when people trade on a residential mortgage and the consequences can be serious. If you would like to know more about this check out our article on “Are you Risking your B&B”
The location of The Old Mill was also a bonus in that it is close to the Jurassic Coast, Monkey World and The Tank Museum which are all popular Dorset visitor attractions.
Needless to say we have successfully remortgaged the property and have given David & Lorna the security of knowing that they are not breaching any mortgage covenants and have the best possible deal available to them.
Check out the website for The Old Mill
What David & Lorna say about working with Stewart Hindley & Partners….
With our circumstances having changed since we originally purchased our property it was clear that we would have to make the transition from a residential mortgage to a commercial mortgage.
We approached a few brokers to undertake the job of finding us a suitable lender that would work with us and our B&B business. In the end it was a simple decision to instruct Stewart Hindley & Partners.
They took on the task of compiling sound evidence that our business was a profitable and sound concern before approaching potential lenders.
This was all completed in a timely and uncomplicated fashion and would highly recommend Stewart Hindley & Partners to anyone thinking of financing a B&B operation either as a start up or a going concern.
Many Thanks indeed
David & Lorna Ventham – The Old Mill