Bridlington hotel to be brought back to former glory as residential scheme 

A wonderful late 19th century building close to the beachfront of Bridlington was our latest project with a long time builder client.

The client had already purchased the property and was well through an extensive refurbishment programme which included much structural work, a new roof and restoration of the front facade.  Formerly a 25 bed hotel, the client had planning permission to convert into 14 residential flats.

Much of the client’s own funds had been invested in the project so far and he needed a loan facility which enabled him to complete the remaining £280k of works.

A previous lender had been involved but had only provided an inflexible bridge facility which didn’t enable the client to drawdown further funding in a smooth and easy fashion.

Castlehill Capital arranged a loan facility which redeemed the existing 1st charge lender and provided a 2nd tranche of development funding to drawdown as work progressed.

The client had also been servicing the initial bridge loan therefore, the new facility with rolled up interest really improved monthly cashflow for the client.

Northampton property developers assisted by Castehill Capital on their first project.

Northampton is a town of over 200,000 and has become a regular location for Castlehill site visits these last few months.

We were delighted to fund the conversion of a former pub into a a residential flatted development. The first time developers were experienced B2L landlords but this was their first step into property development.

The project was not without it’s problems as the initial planning consent application was held up a number of months.  The team never lost hope and were delighted to be granted the planning consent a few weeks ago.

Previously we had completed the valuation, the monitoring surveyor report and much of the legal work.  The reports were refreshed and we proceeded to completion.

Hopefully this won’t be our last project in this lovely town.

An urgent land bridge was completed and drawn down by Castlehill Capital within 6 working days.

The loan facility was used to provide much needed cash-flow for a site in progress in St Austell.  Work on the site had begun already – with foundations being dug and some of the timber frames having been erected.

A bridge loan was required to keep contractors onsite over the festive period.

The developer had funded the works and the purchase of the site from their own cash reserves.  While they waited on a development finance lender to underwrite the full development facility.

As this took longer than expected, cashflow became tight and the developer needed funds to help pay wages to keep staff and machinery onsite.

The last thing anyone wanted was the progress of the development to halt whilst the funding was sorted out.  Castlehill Capital were able to step in and offer the borrower a quick funding solution secured against the site.  Funds were drawdown 6 working days after initial enquiry providing much needed relief to relief  to the developer.

Award winning property developer Guy Phoenix approached Castlehill Capital to assist with a refinance of The Hermitage – his stunning 7 bed state-of-the-art house in Edwalton, Nottinghamshire.

£4.2m refinance of existing bridge facility.

The luxury property market has been hampered by the ongoing Brexit negotiations.   The Hermitage had received offers but the borrower required more time in oder to fulfil the property’s true potential.

With the buying season over, it made sense to refinance the property and wait until spring next year to sell.

Castlehill Capital quickly arranged a net facility of £4.2m over 12 months.  Aided by the speed of the borrower’s solicitors – Castlehill were able to complete the loan in 10 working days.

A quick bridging loan which also reduced the monthly interest payments the borrower was servicing.

Castlehill Capital were tasked with one of their trickiest bridging loan requests this month.  We were asked to refinance an existing 2nd charge bridge loan for an 80 year old client with the only security being his primary residence.

The client required a refinance of an existing bridging loan on a property in Battersea.

The double fronted property in Battersea was in a great location and had various planning consents for further development.  However, the client who is a builder by trade, had used the property as security for 2 previous bridging loans.

It was Castlehill’s job to untangle this legacy debt and enable the client to to move on with his life.

The property had an existing 2nd charge loan with BridgeCrowd which was now in default.   The loan had been used for business purposes (purchase and renovation of another investment property) therefore the loan was unregulated.  Nonetheless, it was still a tricky proposition for much lenders as the client’s age was 80 and therefore didn’t qualify for any standard mortgage products.

The client’s requirement was to pay off the existing bridge loan facility and provide enough time for him to sell the property.

He had  been turned down every lender he had approached.  However, Castlehill understood his position and were confident that he only needed a little breathing space in order to get the property sold and the loans repaid.

Castlehill matched the client with one of their private investors (who coincidently was local to the area).  The investor was understanding of the borrower’s situation with regard the initial bridge loan and also the local market.

A facility of £600k was agreed to pay off the initial bridging loan and a term of 9 months provided for the borrower to sell his property.

Castlehill Capital and their private equity investors are now well established principal lenders in the non-standard short term property lending sector.