We have been hard at work finalising a deal to enable our borrower to kick-start an exciting and lucrative development opportunity. This project involves the transformation of the Maycliffe Hotel, located in Torquay, into a modern, short-term rental business, aimed at competing with industry giants like Airbnb while revitalising the local area.

The refurbishment of the Maycliffe Hotel was made possible through a commercial bridging loan of £2,025,132.24, structured at 60% LTV and 60% GDV. Using a full valuation, the financing included a day 1 loan of £426,000.00, providing immediate funds to commence work, with a total loan term of 14 months.

Completed in November 2024, the deal was facilitated with the help of the broker, Marcus Emadi of Turning Point Commercial, and JMW Solicitors LLP. The valuation was based on a full property assessment, ensuring confidence in the project’s financial viability.

This development represents a significant opportunity for the borrower to tap into the growing demand for flexible and unique short-term accommodation. The modernised property is expected to attract a diverse clientele which will contribute to the regeneration of Torquay. By rejuvenating a struggling hotel, the project promises to drive local economic growth and establish a competitive offering in the rental market.

The successful completion of this deal marks the start of a transformational project with substantial potential for both the borrower and the community. With robust financial backing, strategic execution, and a clear vision, the Maycliffe Hotel refurbishment is set to deliver outstanding results, both commercially and locally. We were delighted to be a part of this project.