The borrower used the loan to buy the Boquhan Estate property — a country house with four estate cottages and 72 acres of land — out of insolvency, which caused its state of disrepair.

Following the purchase, the client intends to refurbish the property, which will include several sustainable and environmentally friendly features, such as a biomass boiler and solar panels, ensuring the estate will be carbon neutral. 

The bridging loan — agreed over a 12-month loan term — is to be repaid from the refurbishment and sale of the separate cottages and remortgage.

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John Hartigan, senior investment manager at Blackfinch Property (pictured above), said: “We were delighted to support this purchase to help convert a dilapidated estate into five fresh and environmentally friendly residential units. 

“This is an estate with great potential, but the increasing deterioration due to the insolvency meant the borrower needed to act quickly to start the refurbishment; moreover, the insolvency meant there were complex legacy title issues to be addressed.

“We were pleased to be able to resolve the situation swiftly, by providing the borrower with a lending facility that would enable them to cross-collateralise the loan with their successful hotel business. 

“It’s also great to know that this charming estate will become carbon neutral and renovated with sustainability in mind.”