LendInvest funds rejuvenation of Newcastle’s Wet N’ Wild water-park
Leading real estate peer-to-peer lender, LendInvest, has funded the multi-million pound redevelopment of Newcastle’s Wet N’ Wild water-park. The theme park will re-open on Monday, marking the beginning of a new era for the centre.
LendInvest lent Moirai Capital a facility which allowed the leisure centre developer to acquire the site from administrators, and to renovate the water-park back to an A grade level. LendInvest, which provided the loan to investors in tranches, had over a hundred investors invest in the loan.
Moirai Capital, which has a long-standing relationship with LendInvest (and its associated funds management business, Montello), has secured a long-term lease for the water-park with Serco Leisure, which is one of the largest leisure operators in the UK.
Co-Founder of LendInvest, Christian Faes, commented:
This is a great example of the flexible funding that LendInvest can provide to the market. The borrower required funding quickly in order to secure the opportunity; and we were able to work with the borrower to ensure they had sufficient funding to complete the required works.
The borrower now holds one of the leading water-park centres in the UK, which is let to one of the leading operators in the space, and investors received a great return for their investment in the loan.
Managing Director of Moirai Capital, Bobby Rach, commented:
LendInvest are clearly at the forefront of innovative lending solutions. I couldn’t imagine any other lender in the market being as quick and professional as LendInvest was with this transaction.