JMT Finance completes rapid exit facility for hotel redevelopment

05 June 2024

JMT Finance, the privately owned and funded commercial property lender, has completed an exit facility for a project converting an unused office building into a hotel.

The client, Jamey Bowles, had purchased the former office building in Redcar, North Yorkshire which had been vacant for a lengthy period, and converted it into a 10-bedroom Apart Hotel. Each of the suites has been renovated to a high standard, boasting their own kitchen area, bedroom and bathroom, and combines the luxury of a hotel with the convenience of home living.

The purchase was made through Bowles’ limited company, Bowles Hotel Group, and despite the fact the business had no trading history JMT Finance was able to deliver the required funding, with completion taking place within just five weeks.

The funding has been provided on an interest-only basis, while JMT Finance was able to deliver the loan without the need for an independent valuation.

The case was the first introduced to JMT Finance by the brokerage Mortgage Lane. The lawyers instructed on the case were JMW Solicitors for JMT Finance and Ratio Law Limited for the Bowles Hotel Group.

Chris Jones, Managing Director of JMT Finance, commented:

“This is a really exciting project to support. Jamey is a young, but very experienced and ambitious entrepreneur. We have great confidence that this hotel will be a success; the standard of conversion means that this accommodation will be amongst the best available in Redcar, and Jamey’s drive and determination will ensure the business operates smoothly. We are also delighted to have completed our first case with Mortgage Lane, and look forward to working with them again in the future.”