The customers had decided to leave their jobs and set up a new guest house business in west Wales by the coast.
They had no direct experience in the sector and had been turned away by banks.
However, they had a large cash deposit and only required a net 55% LTV loan.
- B&C roundtable: Bridging market standards, network involvement and attracting quality brokers
- Ortus completes £1.8m loan for commercial property transformation
- Ortus provides £2.4m refinance deal in Northern Ireland
Ortus, therefore, structured an 18-month facility, with interest deducted for the first three months, and servicing it from month four onwards.
The exit will come by way of the sale of the customer’s main residence.
This comes as part of Ortus’s support for the leisure sector, along with pubs, hotels, guest houses, Airbnb rentals and holiday lets.
Sign up to our newsletter to receive more news like this story