A client sought Portway Finance’s expertise to refinance an existing £5.2 million loan on their wedding venue in Scotland. The initial loan facilitated the venue’s development and supported the business as it stabilised its income streams. The client aimed to repay this costly loan and simultaneously raise funds to acquire a new site, thus expanding their business.

The refinancing presented significant challenges:

• The size of the loan was substantial for the Scottish market, which typically sees a limited number of lenders for large commercial mortgages.
• The property was part of the hospitality and leisure sector, adding a layer of complexity due to the industry’s fluctuating income.
• The client needed to raise a considerable amount over the existing loan, increasing the complexity of the deal.

Leveraging our extensive network, we identified a lender who was not only willing to refinance the existing loan but also provided an additional £1.5 million for the client to purchase a new site and expand their business. The new mortgage came with a reduced rate and included an interest-only period at the beginning of the term, designed to ease cash flow during the expansion phase.

The client successfully secured a £6.7 million commercial mortgage, which allowed them to repay the existing loan and raise the necessary £1.5 million to fund their business expansion. This strategic financial solution supported the client’s growth objectives and positioned them for continued success in the competitive wedding venue industry.