Devon & Cornwall Securities completes £227k hotel portfolio refinance in Blackpool

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Blackpool

Devon and Cornwall Securities Limited has completed a £227,000 commercial mortgage secured against a small portfolio of hotels in Blackpool.

The facility enabled an existing property investor to refinance four hotels, repay existing borrowing and raise additional funds. Three of the four properties within the portfolio are currently tenanted.

Devon and Cornwall Securities structured the loan on its open-ended commercial mortgage terms, allowing the borrower to retain the facility for as long as required, provided the monthly interest payments are maintained.

Zoë Sproull, Director at Devon and Cornwall Securities Limited, said:

“We have carried out a significant amount of lending in Blackpool during the 43 years we have been operating.

Over that time we have supported the owners of hotels, guesthouses, retail premises with flats above.

The Blackpool property market has its own characteristics, with a large number of hotels and guesthouses which can sometimes make disposals challenging for lenders.

That is why it is important to work closely with experienced valuers who understand the local market.

In this case, M C & Co Surveyors provided four valuations promptly, which helped ensure the transaction progressed smoothly.”

To assist with the completion timetable, the lender also utilised search indemnity insurance, helping avoid delays that can arise during the conveyancing process. Despite one of the signatories being overseas at the time, the transaction was completed successfully.

The facility reflects Devon and Cornwall Securities’ approach to lending, providing borrowers with flexibility rather than the pressure of a fixed repayment date.

Sproull added:

“Our open-ended facilities avoid the cliff edge of a fixed term repayment deadline, allowing borrowers to repay when it best suits their business circumstances.”

Devon and Cornwall Securities specialises in non-status commercial mortgages, supporting borrowers who may not meet the criteria of traditional lenders.

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