978 Bridging collaborates with Kuflink for guest house renovation

978 Bridging has secured funding for the acquisition and renovation of a hotel into a guest house.

The client was looking for a new lender to offer funding for the transformation of The Silverwell Hotel in Morecambe, Lancashire, after the initial finance provider pulled out of the deal due to the Covid-19 lockdown restrictions.

After consulting with 70 lenders, 978 Bridging brought Kuflink on board, who agreed to fund the project at 60% LTV, at a 1% rate per month for a 12-month term.

Works are due to start on the refurbishment of the property in November.

The guest house is still operating at around 70% capacity.

“Rising costs, taxes and increasing insurance premiums meant that hotel investment wasn’t for the faint of hearted, but with the widespread lockdown measures that swept the country from March, the hospitality industry was on its knees,” said Nikki Baines, operations manager at 978 Bridging.

“With [the client] seeing the opportunity ahead in terms of the contractor market, the Eden North Project, and even for increases in holidaying in Britain due to Covid-19 restrictions, the deal was still very much on the table and 978 weren’t going to go down without a fight.

“We don’t do failure at 978 Bridging!”

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