Exeter Finance was pleased to facilitate the purchase and renovation of The Royal Marine Hotel in Combe Martin. The hotel will be converted into 8 residential flats and 4 retail shops. The freehold has been purchased with the aim of creating a rental income investment property.
Loan amount- £250,000
Loan duration- 24 months
Exeter Finance was able to act extremely quickly in providing purchase funding in short timescales.
The 4 shops and 4 flats have been fully refurbished and let. The plan is to complete the 4 remaining flats and create a potential rental investment of up to £75,000 per year.
'I approached my local clearing bank to fund the purchase of The Royal Marine Hotel. After being advised it was outside of their lending criteria, they referred me to Peter Keech at Exeter Finance. Peter quickly came to visit the site to view the project and Exeter Finance was able to fund the completion of the purchase. Subsequently we have now completed the renovation works and all of our completed units are fully let.'