The loan was agreed at 60% LTGDV over a 24-month term, and will allow the borrower to convert the disused hotel into a collection of luxury holiday homes.

The firm said the client plans to exit the facility by refinancing once the loan term has concluded.

Mathew Yassin, structured finance director at Arc & Co, commented: “The team at Sancus were incredibly supportive of the client’s vision to transform the property, which has amazing views across the English Channel, this new development will allow tourists to visit the island and enjoy its beauty whilst also benefitting the local economy.

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“Sancus were able to complete this swiftly and on time, within 6 weeks.

“It was a pleasure to work with the team who all pulled together to complete the deal.”

Josh Eyre, managing director at Sancus Offshore, added: “We were delighted to assist with this unique opportunity to transform a landmark site on the island, further evidencing our appetite to support established developers in the offshore markets.

“Arc & Co’s strength of relationship with the borrower and understanding of their client was evident throughout, allowing us to work in collaboration, resulting in a swift turnaround for all involved."