Wyvern House Bed and Breakfast is located in the popular Cornish town of Bude and is just a few minutes walk from the beach and town centre. The property offered 6 en-suite bedrooms and was spread over 3 floors, it was an ideal location for our clients, Paula & James, to set up their new bed and breakfast.
In the past Paula & James had owned and operated a bed and breakfast business so had plenty of experience on which to build their new venture in Bude. Having found their perfect property they realised the benefits of using a specialist finance broker to source the necessary funds to purchase it. Having contacted us at Stewart Hindley & Partners we worked with them to secure the best deal available to them and took them step by step through each stage.
All went well until there was a hiccup with their property sale which could have potentially ended the planned purchase. Mike Cox was on hand to support Paula and James and to manage the lender and the vendor whilst the issues were resolved. Without the help of a broker it would have been very difficult for Paula and James to:-
- Secure debt at the required level
- Secure a competitive interest rate
- Manage all parties expectations
Due to the relationship and business volumes with the lenders Brokers can access some of the most competitive rates in the market.
After a short delay the deal was successful and everyone achieved their goal. The vendor was able to move onto the next stage of their lives, the estate agent had a successful sale and most importantly our client was able to start their new business and welcoming their guests in the beautiful Cornish town of Bude!
Paula and James are now welcoming guests to Wyvern House and enjoying life in Cornwall so if you are looking for somewhere to stay in Bude check out the availability via their website:-
What do Paula and James think about working with Stewart Hindley & Partners?
My husband and I were experienced business owners, and amongst others, had owned a B&B in the Cotswolds for almost 6 years. We decided to sell the business, due to ill health in our immediate family in 2011. After being away from B&B for some time, we realised that we really missed it, and really wanted to get back into the business again and fulfil our dream of moving to Cornwall.
Unfortunately, between the time we had owned our business and when we were looking to buy again, the commercial loan market had changed dramatically. We no longer had a business banking manager, that we had a developed relationship with, and we were dealing with call centre managers who didn’t know us or our experience and despite our extensive experience with banks, found the whole system incredibly time consuming, frustrating and incredibly difficult.
After finding a couple of properties we really wanted to look at, and having sorted out our finances and timescale for our move, we found Stewart Hindley & Partners. We contacted them in April 2017, prior to even selling our property and Mike Cox was our main point of contact. What a relief! He immediately reassured us that our proposition was viable, especially with our previous experience and set about putting together proposals for us. He very quickly secured us finance at 70% LTV and we picked up the keys to our new life on 1st September.
We have continued trading since we moved in and are due to close at the end of October 2017 for refurbishment. Mike also managed to secure interest only payments on our loan for 3 months to help us with cash flow for our refurb.
Our experience with Mike throughout the whole thing was amazing. Â He was professional, calm and dealt with everything. Â It was truly worth every penny, as without them, we really don’t think it would’ve happened. We didn’t have the time or the current financial market knowledge as to exactly what the banks were looking for, which put us on a real back foot. We had a fantastic service, and I have since recommended him to other family members (most of our family are business owners) who have since retained his Stewart Hindley to secure finance for projects.
Thanks Mike, for everything!
Paula & James Lyons