A regional contractor and developer was introduced to ABC by its accountants. It had acquired a Victorian, seaside,100-bedroom hotel with adjoining land on which it obtained planning permission for a three-phase development subject to a S.106 Agreement which provided for the refurbishment and improvement of the hotel.
Works to the hotel were ongoing and the first phase of the residential development had been completed.
ABC provided a facility to refinance the existing bank debt and a construction loan including accrued interest for the phased development of the housing. Repayment of the loan was achieved within the agreed timescale from the sale of the individual houses.