The Cumberland Building Society has enabled investors Mike and Elina James to turn their historic Eyemouth grain mill into a holiday let.
The £1.1m financing package, structured by The Cumberland, includes funds for the development of the couple’s new family home, a 19th-century church in Kinloch.
The deal was brokered by Tamara Crowson, head of Scotland at Enness Global.
Linda Slinger, intermediary relationship manager at The Cumberland, worked with Crowson and the clients to navigate potential hurdles, including the absence of a holiday let licence at the time of application and the complexities of a rural property valuation.
With an interest-only 5-year fixed rate, the financing offers the couple stability as they establish the Eyemouth mill as a high-end holiday let.
Slinger said: “Working on this unique project with Tamara, Mike and Elina was incredibly rewarding.
“At The Cumberland, we pride ourselves on building strong relationships with clients and brokers, ensuring their goals are at the centre of every decision.
“I’m thrilled to have been part of bringing this stunning property to life as a holiday let.”
Crowson added: “This was a truly unique project with complex financial requirements.
“The Cumberland’s willingness to consider the clients’ long-term goals and tailor a bespoke solution was exceptional.
“They took the time to understand the challenges of valuing a one-of-a-kind property and provided a financing package that enabled the James’s to continue their journey as successful holiday let investors.
“From the outset, Linda’s commitment to this transaction was unparalleled.
“Her open communication, deep understanding of the market, and ability to anticipate challenges ensured a seamless process for all involved.
“This deal could not have succeeded without her expertise and support.”
Grant Seaton, head of intermediary lending at The Cumberland, added: “Our team’s deep understanding of the holiday let market allows us to deliver suitable mortgage solutions for properties like the Eyemouth mill.
“This deal demonstrates how we can support clients’ aspirations to preserve Scotland’s rich architectural heritage.
“We are proud to help the James’s create a one-of-a-kind destination that will attract visitors to the Borders.”
He concluded: “This case highlights our ability to think of the bigger picture and deliver on challenging transactions.
“We look forward to supporting more clients like Mike and Elina as they invest in Scotland’s thriving holiday let market.”
