Assetz Capital has provided a £2.3 million commercial mortgage to Roseberry View Lodges. The capital infusion allows the luxury holiday site to refinance an existing development facility and fund five new lodges in North Yorkshire.
In a statement, the company said the loan follows 18 months of increased demand for UK staycations, with many of Roseberry View’s existing 10 lodges booked solid far ahead for weekends and holiday periods. Roseberry Lodges will capitalize on this demand by using the funding to build five new lodges with private hot tubs and parking at its Great Ayton site, all built around a private lake with facilities that include a play park for children, a playground for dogs and a barbecue area.
In 2019, Assetz Capital provided Roseberry View with a £475,000 commercial mortgage for the site and a £1.73 development loan to create the first 10 lodges and related infrastructure.The specialist lender said it aims to provide a complete borrower/broker solution for property developers, and so were prepared to assist with refinance to term along with funding the next five lodges.
Earlier this month, Assetz Capital announced it had strengthened its origination team with four new relationship directors as it targets annual lending volumes of £1 billion, and it is rapidly approaching £1.5 billion lent to UK businesses to date.
“We’re a relationship-based business so we are always excited to work with existing customers like Roseberry View,” Assetz Capital national commercial director Mark Standley said. “During what has been a testing period for the economy, it’s fantastic to see the lodges flourishing and we are proud to have supported that growth by providing fast, flexible finance. We will continue to support UK SMEs by delivering our ‘real world lending’ solutions at scale as we approach our target lending volumes of £1 billion per annum.”
“We’re incredibly excited to launch five new lodges at our Great Ayton site,” Roseberry View Lodges owner Andrew Platts added. “The new accommodations will give guests a luxury stay in a prime location and enable us to take advantage of the huge demand for staycations that we’ve experienced in the last 18 months. Working with Assetz Capital has been a pleasure, and they were the natural choice for our latest commercial mortgage.”