Ortus Secured Finance have been praised for the speed and professionalism in which the team dealt with advancing a £355,000 facility for an auction purchase of a commercial property.
The endorsement comes from Deepak Seda, of Sarb Investments Ltd, who introduced the deal which was completed to a tight deadline, and provided a longer term of 24 months to ensure the borrower had time to execute his plans.
As well as meeting the tight deadline, the business provided a longer term of 24 months to ensure the borrower had time to execute his plans.
Ortus Secured Finance advanced the facility for the acquisition of the trading hotel on the Isle of Wight. The client won the auction with a bid of £710,000 for the 30-bed hotel, which had been put on the market by the previous owners due to ill health.
The client had no direct hotel management experience, however his family had previously owned hotels overseas and he had built a successful wholesale business in the UK.
A strong business plan had been put together and this showed he would retain existing staff (who had been widely praised on TripAdvisor) and implement a sensible maintenance, refurbishment and marketing strategy.
An Ortus spokesman explained: "We were happy to offer him a term of 24 months to ensure he has plenty of time to get the first year’s accounts under his belt before refinancing to the high street."
And Mr Seda added: “This was quite an unusual case, and I had struggled to find a lender with appetite for the sector and location. Ortus came up with an affordable solution for my client and throughout the process the team at Ortus were very helpful, and I will be definitely be using them again.”