Our client Alisdair (Ali) and wife Hannah who had been living and working overseas for many years had great ideas to transform the Clachan Cottage Hotel that was close to his holiday cottage in Lochearnside, Scotland.
Ali had already encountered other brokers who had offered an expensive bridging facility, as they were unable to assist with a hotel mortgage given the state of the market and his lack of prior experience in running and managing a Hotel.
The selling agent suggested that Ali contact Stewart Hindley where he had a discussion with Mike Cox, one of our Senior Partners, who was then able to position the business (and Ali) to help meet the lenders initial criteria, thus giving Ali the certainty needed to agree the purchase. Due to the pandemic, lenders appetite for hotel mortgages was changing on a regular basis, so Mike and the team at Stewart Hindley quickly undertook a complete review of the hotel and drew up a full loan proposal for the lenders, ensuring to carefully position the business and include all the information that the underwriters would require as it was essential to realise the maximum loan to value possible.
Throughout the process Mike worked closely with all parties, providing regular updates and required confidence that Stewart Hindley could raise the hotel finance and the deal would be completed. This was particularly important given that Ali was working and residing in Dubai, and lockdown restrictions meant he could not return to the UK without challenges whilst the majority of the transaction was ongoing. With Mike’s knowledge and expertise he successfully secured the hotel mortgage on competitive terms, which Ali was delighted with.
We at Stewart Hindley work with and have good relationships with many of the UK’s large sales agents as well as numerous independents, who have the confidence and trust in us to get the deal done and appreciate the support we give to their clients and vendors throughout the process.
Clachan Cottage is a beautiful boutique hotel offering an idyllic setting in the village of Lochearnhead overlooking Loch Earn in Stirlingshire. Whether you are looking for an active break or just want to relax and take in the stunning surrounding scenery, Ali will offer the warmest welcome and we wish him every success with his new venture.
What Ali says about Stewart Hindley
“Right from the introductory chat, it was clear that Mike had a clear picture of the challenges ahead and how best to navigate them. By taking a structured approach and conducting an extensive background information gathering exercise, Mike was able to build an initial concept to take to the lenders which resulted in the necessary interest of the lenders to progress to the next phase, an achievement in itself given we were trying to buy a hotel in a market where hotels were not seen as desirable assets given the shutdown status.
Once the suitable financing traction had been attained, Mike then skilfully guided us over the various hurdles that were presented along the way. Mike and the Stewart Hindley team maintained a constant dialogue with me, the lenders and seller to ensure nothing was amiss at any point along the way right up until the purchase had been completed.
I have no doubt that without Mike’s involvements and approach to the process, that there might have been a different outcome. Mike made himself continually available throughout the process which was greatly appreciated. I am extremely pleased with service provided by Stewart Hindley and would happily recommend them to anyone requiring this sort of assistance. I definitely would look to use Mike and the team again when conducting this type of transaction.”