We were contacted by Naomi (Thi Quynh Anh Bui), a Vietnamese national, after being recommended our services by the sales agent. She had been refused finance by High St lenders who had reduced sector appetite due to Covid-19, forcing the closure of the business.
An added complication was the vendor timescales, with pressure from the vendor to complete the transaction as he was returning to Spain to look after his mother.
A further challenge was that Naomi had no previous experience running a B&B, and although she quickly provided all her financial information, a term mortgage product was outside of the vendor timescales, so as an interim we provided a bridging facility and then once the sale had completed, we then refinanced to a full-term mortgage facility on extremely competitive terms.
Mike, one of our senior hospitality brokers, managed the bridging and term mortgage applications and after initial conversations with the Agent, Vendor, Client and Lenders identified that a full-term mortgage solution was possible.
During the entire process, Mike kept the Sales Agent and Vendor updated on progress and after further in-depth discussions with the vendor, Mike was also able to position the commercial mortgage to meet the lender’s criteria and re-engaged with the original High Street Lender,that Naomi had originally approached, to successfully secure a B&B commercial mortgage over 15 Years on far more competitive terms, saving Naomi more than £35,000 in fees and charges over the first 18 months.
Following valuation, formal sanction and acceptance of the loan, Mike also assisted the client with many aspects of the solicitor’s paperwork which threatened to take the deal off course, thereby ensuring that the completion happened within everyone’s timescales.
In the hospitality sector, experience really counts and we at Stewart Hindley & Partners have built up numerous beneficial long-term relationships with the lenders that specialise in the sector, and importantly they appreciate how we work, and have confidence and trust in our judgment to deliver professionally collated and presented commercial mortgage funding applications.
It is worth noting that should you or a mortgage broker apply for a loan which is then declined, not only can this cause lengthy delays but then it is extremely difficult to have the decision overturned.
Today our client is the proud owner of Guest & The City which is a beautiful boutique style hotel in the popular year-round city of Brighton. Naomi was thrilled on receiving the keys to Guest And The City thanking us for our support, without which she felt it never would have happened.
Get in touch, or give us a call to see how we can help your application go through.