Marketplace lender Assetz Capital has provided a £615,000 loan for the purchase of Fife-based four-star luxury guest house Dukeside Lodge.
Located in the St Andrews area of Fife and within a mile of the famous Duke’s Golf Course, the recently refurbished Dukeside Lodge comprises 13 individually themed bedrooms and has capacity to host up to 30 people.
Assetz Capital was established in 2013 with the aim to create a fairer lending landscape, providing non-bank loans to small businesses and property developers. It has lent more than £910m to date and, funding projects such as commercial properties, housing developments, care homes and purpose-built student accommodation (PBSA). In the last year alone, Assetz Capital has funded the construction of one in 100 new homes built in the UK.
The deal follows the recent expansion of Assetz Capital’s deal origination team in Scotland which saw Lucie Martin join as Relationship Director. Focusing on lending in the care home sector, Lucie will also be aiming to expand the company’s reach for introduced businesses from the professional services sector.
John Hewitt, Regional Director at Assetz Capital’s UK – North team said:
“It was great for us to support a borrower who was committed to refurbishing Dukeside Lodge into a luxury guesthouse. Now complete, the property offers unrivalled one-of-a-kind accommodation and venue hire space in the St Andrews area. It’s fantastic to see it up and running and we’re pleased to have been a part of that.”
Stuart Mackenzie from Dukeside Lodge, said:
“The purchase and refurbishment process hasn’t been easy and we have faced a number of setbacks along the way, but John and his team at Assetz have been pivotal in helping us get up and running.
“The Dukeside Lodge building and its surroundings are truly exceptional – we’ve put a lot of work into making each room unique, as well as offering guests local knowledge to make their stay as good as it can be. We’re now open for business and our 2020 calendar is filling up fast.”
The loan was brokered by Craig Patterson at Ayrshire-based Zen Commercial Finance.