- Loan amount: £1,030,000
- Day one funding: £150,000
- GDV: £1,755,000
- Term: 15 months
Roma has provided a £1.03 million facility for this ambitious Grade II listed hotel conversion in the town of Ulverston in the Lake District. This stunning property now houses 13 luxury serviced apartments. The building’s exterior has been left untouched leavings its original charm and features to ensure the upkeep of the small town’s classic architecture.
As well as being Grade II listed, the building has been a pillar and meeting place of the community in Ulverston. The premises was previously a bar and hotel but was empty for years prior to the borrower’s purchase. As a building with such a rich history of community spirit, it was unfortunate that it had been left empty and disused for so long. Although it has not been repurposed into a commercial property, the residential conversion has brought a purpose back to a property that is so deeply important to the wider community.
With the first loan being issued in 2023 this heritage project has taken one year to reach its current grand specification. The borrower owned the property prior to their contact with Roma as well as 10 years’ experience within the property space. The loan Roma granted to the borrower was used for the full refurbishment and conversion. As you can see below the interior is completed to very modern and luxury standard.
Projects such as these tend to create the most impressive results, there is a certain aspect of art to maintaining heritage and incorporating modernity in a tender balance, but this borrower has achieved this to a near-perfect scale.
Underwriter Shane Francis, who has been working on the project throughout says “This case was a key example of what an experienced borrower and lender can achieve when working in harmony. The standard of finish and the care that went into the project is great to see, when visiting the site and meeting the borrower I could sense the pride of the borrower, being from the local area. It is great to be able to work on such a great project for the last year, and adding value to the local community and economy fills everyone with a sense of pride”.
The borrower said “Roma has provided a first-class service in providing development finance for the renovation of Lonsdale House, a Grade II listed building on the edge of the English Lake District. We have been so impressed with their professionalism and support that we have extended our relationship through a refinance and look forward to continuing our successful partnership.”
