Richard and Nicola had been letting out Daisy’s Cottage in Wells next the Sea and decided that they wanted to take their letting to the next level so started to search for a suitable bed and breakfast property in Norfolk.
They found Ellinbrook House in the popular coastal town of Hunstanton. It wasn’t until they started to look at funding options they decided that the best course of action was to engage a specialist broker to help them secure the best possible deal given their personal circumstances. Richard contacted us here at Stewart Hindley & Partners and the journey began in earnest.
We liaised with a number of lenders, not all of whom were interested in funding the deal, however we did manage to secure them the required amount of funding to enable them to purchase their new venture. To help minimise the lenders risk Nicola will continue to work in her current employment on a work from home basis and will be on hand to help Richard with changeovers and busy periods.
The lenders see a background income as reducing their lending risk but it is not taken into account when looking at the lending requirements, the business must be able to support the debt service or at least have the potential to do so. You should always bear this in mind when you are looking to buy a B&B.
Even though Richard and Nicola had been letting out their holiday cottage for a number of years they were still considered as “New to Trade” by all the lenders. It has taken a bit longer than initially assumed but they have now finalised the lending and will be open for business from September 2019. So, if you want to have a relaxing stay on the Norfolk coast why not check them out at Ellinbrook House
What Richard & Nicola say about Stewart Hindley & Partners……
When the opportunity came up to purchase Ellinbrook House we knew we would need assistance from a specialist broker to help secure the funding we would require. We spoke to a couple of firms but were struck with how professional Chris was and how well he explained the whole process to us.
Despite a couple of setbacks along the way Chris and Carol worked tirelessly to secure us the funding required, I don’t think there would have been any way for us to have secured it without Chris and Carol’s help. We are now up and running and loving it!
Thanks for all your help, Richard & Nicola