IRELAND PROPERTY REFINANCE - SENIOR TERM DEBT
REFINANCE OF THE 153 BED GLENROYAL HOTEL, KILDARE
| GROSS LOAN | LOAN TYPE | TERM | LTGV/LTV | LOCATION |
|---|---|---|---|---|
| c. €12m | Refinance | 3 Years + | 50% | Co. Kildare |
OVERVIEW
- New borrower to Novellus introduced by an independent broker / advisor
- Senior debt facility to assist with the refinance of the Hotel from an existing lender
- Very well invested hotel with long standing and strong trading history
- Debenture and FLC over Hotel & Leisure Club, bar and conference / banqueting facilities
- c. 50% LTV on interest and fixed capital repayments over a 15 year repayment profile at a very competitive overall rate
- Three year term facility with an option to extend further on expiry
SUMMARY
Novellus were delighted to support this high-quality borrower for a very well-established trading hotel.
This was a great fit for Novellus as we are long term investors into the Irish & UK Real Estate Markets.
The Irish Hotel and Leisure sector continue to perform very well post covid with spending remaining strong as significant international and domestic tourist numbers bolster the already successful trading of the hotel. Upon receipt of initial information, credit approved terms were issued. Once agreed we swiftly moved onto instructing professionals, and completed the financial close, all within 8 weeks.
Using private, fully discretionary capital, we offer Longer Term Finance and Shorter-term Bridging solutions against all property asset types – including land. We can also fund, refurbishment, development completions and our term offering made us a great fit for this type of financing. We don’t have maximum exposure limits to any individual borrowers and as such, the borrowers have the confidence to continue to source opportunities safe in the knowledge our capital will be there to help them execute and deliver on their strategies.
