UK Agricultural Finance provides £1m bridge for conversion of farm house into holiday let
UK Agricultural Finance has provided a £1m bridging loan to complete the conversion of a large farm house into a holiday rental property.
The borrower had a strong track record in securing complex, value enhancing planning permissions for the development and subsequent rental of properties for the holiday market but needed the capital to complete the development of a large farmhouse and numerous out-buildings.
Mark Thompson, chief operating officer of UK Agricultural Finance: “We are extremely pleased to assist in the development of this project, supporting the local rural economy and providing capital to a client that needed to funds to complete their vision.”
The loan was unusual, in the fact that the borrower had only partially completed the development of the site.
Early on in the process, one of UKAF’s directors visited the site to meet the borrower and understand the nuances of the opportunity, so that UKAF and the borrower could both be confident that this would be a financeable opportunity.