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£250k Unsecured Lending For Hotel Refurbishment

#TimeToUpskill

Objective

The client, a hotel operator, wanted to borrow £250,000 to upgrade their established seaside hotel, in advance of next year’s peak season, with the works to becompleted during low season.

Obstacle

The hotel is currently subject to a commercial mortgage with their incumbent bankers, and therefore restricted them using the property as security, and were reluctant to use their personal homes as security.

Outcome

We approached a lender who specialises in unsecured lending, and in view of the company’s strong balance sheet and profitability, we were able to facilitate a £250,000 unsecured facility, with an unsupported personal guarantee from the directors. The documentation was completed and funds were made available within 5 days of application

 

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    Case Type:Unsecured business loan
    Loan Value:£250k
    Rate:8.3%
    Term:60 months
    Security:Personal Guarantee
    Location:Dover