The property – a closed 19th-century country house hotel – was set to be purchased and converted into a luxury hotel, with long-term plans to build holiday lodges and ‘glamping’ pods on the 18-acre site.
Despite the clients not having any direct experience in the hotel sector, they owned and operated a portfolio of successful care homes.
Ortus took comfort in the clients’ track record in establishing operational businesses, and they provided the specialist finance provider with a realistic and comprehensive business plan.
Ortus provided the loan on an 18-month term at 65% LTV to allow them plenty of time to deliver an exit by either selling one of their care homes or by refinancing the hotel.
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Richard King, business development manager at Ortus (pictured above), said: “It’s important for us to back good people, and that doesn’t mean they have to have direct sector experience.
“Our borrowers here had a clear vision of what they wanted to achieve, and given their exemplary track record we were keen to support them.
“We added value by providing an 18-month term so that they weren’t under any undue pressure to repay.”
The case was introduced by Michael Cass, senior partnerships manager at Capitalise, who said: “The team at Ortus [has] been good to deal with, and it’s been refreshing to be able to have a direct line into genuine decision makers at every stage of the process.”