Bank North delivers a tailored loan for a Hospitality business in the Lake District

The UK’s first truly regional business bank of the modern era delivers a successful deal in the leisure sector for a country house hotel in the Lake District

23/06/2022

Bank North has completed a £1.3m loan to refinance a Grade II listed, 13-bedroom country inn with lounge, restaurant, bar and self-contained holiday cottage, in just 13 working days from the initial meeting with the customer.

The original part of the beautiful Grade II listed Eltermere Inn dates back to the late 1500s and remained a privately owned home until the 1950s when the property was developed and turned into a country house hotel.

Whilst businesses have struggled in the last two years to secure finance, particularly in the leisure sector due to the impact of the pandemic, this latest deal is a clear demonstration of the appetite of Bank North to support operators across a range of sectors.

Paul Richardson, Director at MAF Finance Group, said:

The opportunity to work with a new lender in the marketplace was easy. They delivered on all promises with clear and precise updates keeping the case moving.

Stephen Cardwell, owner of the Eltermere Inn said:

The positive ‘can-do’ attitude of Bank North was a refreshing change from the high street banks which I have previously dealt with. In fact, the whole process was smooth and trouble free.

Becky Owen, Bank North Commercial Director, said:

It’s great to be building relationships with SME’s in our local communities, getting to know business owners and understand how we can support them, especially after the pandemic and as we face into a challenging economic environment. Working efficiently with operators, like Stephen, who are passionate and professional is at the heart of what we are here to do.
NACFB - Helping Fund Uk Business & FIBA - Financial Intermediary & Broker Association

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Bank North Limited is authorised by the Prudential Regulation Authority and authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number 848024). Bank North Limited is a company registered in England and Wales (company number 11030672) and its registered office is Suite 20A, Manchester One, 53 Portland Street, Manchester, M1 3LD.

Bank North has been Authorised with Restrictions since 24th August 2021, at which point the firm entered a phase known as mobilisation. During this phase, the bank will be undertaking lending activities but will not be accepting customer deposits.