The client will use the 69% LTGDV loan — agreed at a rate of 8.65% over a 10-month term — to transform the property into eight self-contained serviced apartments with ensuite rooms and kitchenettes.
The scheme aims to provide an affordable alternative to standard hotel and guesthouse amenities in order to support the local corporate and tourism sectors.
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Assetz Capital believes there will likely be strong demand for this type of accommodation in the area, as a result of the influx of investment due over the next 12 months as the Eden Project North gets underway.
Colin Doyle, relationship director at Assetz Capital, said: “This is a great example of what our lending ethos can achieve.
“It’s always pleasing improving an existing property to make it great again, and with local tourism on the rise, this new enterprise will support the sector and the local economy."
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