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.