The boarding house comprises of three separate buildings and contains 53 beds, with a maximum allowance of 60 residents. It holds additional buildings with laundry services, games areas and an onsite caretaker. Since purchasing the property in 2022, our client has spent considerable funds on upgrades.
Our client purchased the board house utilising vendor finance, from the previous owner. As the term was expiring our client required a prompt bridging facility, until such time as they restructured their property portfolio and sold sufficient properties to reduce debt and refinance via a major.
project details
