Project: Conversion of former public house into an executive home
Client: Private developers
The conversion of the Red Lion Pub, a Grade II Listed building in Northleach, Cotswolds, had approached the end of a bridging loan facility. During the term, these private developers had experienced delays with English Heritage in obtaining permission to move a staircase. The current lender provided no flexibility at all and wanted repayment.
BFS was happy to step in and refinance the build which allowed the clients to use their own funds to complete the refurbishment rather than incur expensive default fees with the original lender. Critically, it took the pressure off from a time perspective as it allowed them an additional 12 months.
The clients had already owned the building for several years and originally ran it as a pub before they closed it.
Terms were agreed within 24 hours and the facility was drawn down swiftly and accurately to prevent any default charges being incurred.
John Hardman, Head of Sales explained: “Grade II Listed buildings can be a challenge and working to have even small alterations made requires time and patience, this means working with a lender who understands such projects and can work closely with clients if things do get delayed, not cut them adrift at a time when they need you most.”
He continued, “Fortunately, in this case, one of the client’s was a time served joiner and builder and has worked with Grade II Listed buildings for over 30 years, he is the go-to man in the village for advice on property works as there are many Listed buildings in the area”
“This gave us additional comfort that we were working with clients who fully understood the delicate nature of these projects and it will be a dream home when finished.”