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BRIGHTSTAR OBTAINS TERMS FOR PURCHASE OF HOTEL TO BE USED AS AN ELDERLY RESIDENTIAL CARE HOME

Objective

Our introducers client had put an offer on a hotel in Torquay, with the intention of renting it to a business who run a residential elderly care service.

Obstacle

The care sector has been hit hard by the pandemic and the client had been introduced to us, having already been declined by several mainstream banks.

Outcome

Brightstar’s team of commercial finance experts were able to secure terms with a challenger bank, who have offered 60% LTV against a purchase price of £2m at a rate of 3.12% plus BBR.

 

This case study demonstrates how Brightstar can obtain terms with non-traditional commercial finance lenders and challenger banks, even for business that have been hardest hit by the recent pandemic.  Your self-employed clients may appreciate a call to discuss their cash-flow requirements now that businesses are looking to return to normality.

 

Summary of case:

  • Advance – £1.2m
  • Rate – 3.12% + BBR
  • Term – 5 years, interest only
  • Commission paid to introducer – £9,600

 

SUBJECT TO STATUS. 

PRODUCT AND CRITERIA AVAILABILITY SUBJECT TO CHANGE OR WITHDRAWAL AT ANY TIME.

FOR INTERMEDIARIES ONLY.

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