Arc and Co has announced the completion of a £6.8m loan for the conversion of a hotel into 19 flats in the centre of Royal Tunbridge Wells in Kent.
The loan comprised a £6.15m senior loan provided by Paragon Bank and a £651,000 mezzanine loan.
The deal was initially credit approved by two different lenders however, due to the Covid-19 pandemic taking hold, the company announced both lenders were unfortunately no longer in a position to lend, which was led by Jeremy Robinson, asset finance advisor at Arc and Co.
Robinson said he is “delighted” that Arc and Co has been able to structure this loan for the client and secure new lenders.
He said: “The ability to not only structure the loan during difficult market conditions, but also complete against the given deadline, is testament to the client – a proven developer, as well as the prime location of the redevelopment site.”
Adrian Reeves, relationship manager at Paragon Bank added: “We are delighted to work with Arc and Co again, who have again brought a very strong client to us and with a fantastic project.
“We have remained committed to lending despite the Covid-19 pandemic and this has enabled us to support another experienced new bank client and allow them to continue developing.”