Hotel Conversion Project

Our client, a seasoned developer, purchased a hotel in Blackpool with the intention of converting the property into residential units. When our client was unable to find lenders interested in the North West’s coastal areas and needed a quick and creative solution, he appointed Finspace as a partner.
The developer’s knowledge of the Blackpool property market and desire to meet the area’s housing needs were obvious. As a result, we sought out an innovative development lender and persuaded them to support this transaction.
Our client received the funds to develop the site at a highly competitive interest rate, with their solicitors even liaising with the Local Authority on their behalf.

Location: Blackpool
Loan Amount: £413,000
LTV: 73%