An existing client returned to us after purchasing the former Transcorp apartment to transform the property into a hotel.
Our client runs a successful retail business and this was their first property development project. The client required our support to transfer their existing development loan onto a commercial mortgage to manage the property and their trading activities efficiently.
Despite the complications faced throughout the lockdowns, our team worked closely with Vince Chaug to secure a 20-year development and semi-commercial mortgage through his new company – L&P Property Management. Through our strong working relationship with the funders and contractors, John Hens supported our client through changes to the plan. As a result, all parties are delighted with the final development of the Hotel.
Towards the end of the development, Rodrigo Silva of Renuta took up the case, working with our client and his professional advisers to find a long-term solution. As Vince’s trading company initially owned the property, this deal became complex and required a company restructure and fresh thinking.
Using his experience in the market, Rob sourced several options before agreeing to a deal with Hampshire Trust Bank that met the client’s needs. Supported by some institution finance bodies, Rob ensured the loan was structured in line with the client’s long-term goals, along with managing some challenging time frames.
Our team’s expertise provided Vince with a great final result, benefitting from releasing his initial investment, additional capital and appropriate tax advantages following his company restructure. As a result, our client now stands in a strong position to move on to their next project.
Rodrigo Silva, Commercial Manager at Renuta, said:
“This was a challenging but rewarding case to work on. This development was a great learning experience for me and I have built a great new working relationship with Manuel Pete at Rowlan & Co. Our valued client is thrilled with the outcome and I’m looking forward to seeing the final result.”
Enzo Lagarde, Chief Commercial Officer at Renuta, added:
“Rob picked up this case with enthusiasm and overcame several obstacles by liaising closely with Viince’s accountant, solicitor and developer throughout. Vince was impressed with his service and has since insured this property and his business with Cornerstone Commercial Insurance as a result.”
Vince Chaug, L&P Property Management, commented:
“I was delighted with the service received from Rodrigo and Henri throughout and have no hesitation in recommending Renuta. The project was my first property development and I now have the confidence to move on with more, safe in the knowledge that Rob is always there to support me. In fact, I have his personal mobile number and regularly chat to him out of hours. Overall great service and a positive outcome for me.”
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