Commercial Expert secures £237,000 loan from RBS for guest house purchase



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Commercial Expert and RBS have completed a £237,000 commercial mortgage for a guest house owner looking to expand their business.

The client, Dennis Connell — who currently run a leased hotel on the Isle of Skye — and his partner, Clara Crouch, required the loan to purchase the Shandwick House inn located in Tain, near Inverness.

The commercial mortgage, agreed over a 20-year repayment term at an interest rate of 3.77%, covered 60% of the total property price, with the remaining balance being covered with funds from the sale of the buyer’s house and savings.

The deal was introduced to Commercial Expert’s Scottish representative, Ken Macrae, by CCL Property in Elgin.

Tracey Barnes, specialist at Commercial Expert (pictured above), said: “Dennis and Clara are experienced and driven guest house owners and saw an opportunity to bring their experience to Inverness in a time when the hospitality sector is striving to bounce back.

“Shandwick House is the perfect property; it is on the NC500 route, which is a growing hotspot area, with great rates on stays.

“The sad thing is, they were struggling to get a deal that was financially and ethically right for them. 

“Working with Ken and the RBS team, we were able to get Dennis and Clara the funding they needed to bring their dreams to life.”

Dennis added: “We have been very happy with the way Commercial Expert has helped us navigate the last few months.

“It hasn't been lost on us that we are essentially still grappling with the pandemic and we're in an industry that has been hit particularly hard, so we are very grateful for the help to find a suitable lender in these uncertain times.”

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