Blackfinch Property completes £2.2m refinancing loan on Boquhan Estate
Financing will help upgrade dilapidated estate with environmentally sustainable features
Blackfinch Property has completed a £2.2m refinancing loan on the Boquhan Estate, a substantial residential country house with four estate cottages and 72 acres of land.
The Boquhan Estate and residential country house is located near Kippen in Stirlingshire, West Lothian. The borrower purchased the property out of insolvency, which had led to the buildings and mansion falling into a state of disrepair.
The refurbishment will include several sustainable and environmentally friendly features, such as a biomass boiler and solar panels, ensuring the estate will be carbon neutral. Furthermore, the borrower is committed to creating job opportunities on the estate, creating a positive social imprint. The loan is to be repaid from the refurbishment and sale of the separate cottages and remortgage.
John Hartigan, Senior Investment Manager at Blackfinch Property, said: “We were delighted to support this purchase to help convert a dilapidated estate into five fresh and environmentally friendly residential units. This is an estate with great potential but the increasing deterioration due to the insolvency meant the borrower needed to act quickly to start the refurbishment. Moreover, the insolvency meant there were complex legacy title issues to be addressed.
“Therefore, we were pleased to be able to resolve the situation swiftly, by providing the borrower with a lending facility that would enable them to cross-collateralise the loan with their successful hotel business. It’s also great to know that this charming estate will become carbon neutral and renovated with sustainability in mind”.
This is the third loan Blackfinch Property has completed in Scotland in the last six months. Blackfinch Property is a fully funded provider of innovative short-term bridging and development financing solutions. For more information, email [email protected]