Case Studies

New Business Purchase

Case Study 1:

Paul Jefferies and The Amber Lodge Guest House, 21 Princes Road, Great Yarmouth, Norfolk, NR30 2DG

Paul had been looking to purchase a guest house in Great Yarmouth for some time for a "lifestyle move" for his family. In June 2003 Paul identified "The Amber Lodge Guest House" a terraced guest house with 11 letting rooms (7 en-suite) in the sought after Princes Road area of Great Yarmouth. The property includes a 3 bedroom owner's accommodation and is perfect for Paul and his family.

Using the equity he had built up in his residence to provide the deposit, we were able to provide funding at 70% loan to value to help secure the purchase.

The mortgage has been provided over a 25 year term on a capital and interest repayment basis and has been based on a combination of Paul's salary from Tesco (he transferred to a local branch) and the historic trading performance of the Guest House.

Paul's partner and mother run The Amber Lodge whilst Paul is at work, with Paul running it during his time off.

Case Study 2:

Ray & Sue Hollyman - Broadlands Park and Martham Lodge Residential Care Homes.

Ray and Sue are existing Society customers. The Society has assisted with mortgage facilities in the past.

Ray and Sue bought Broadlands Park from receivers in 1985, since which time they have operated the home in a successful manner. It is currently registered for 22 residents including up to four in the "with dementia" category. Martham Lodge was purchased in May 2001 and Ray and Sue have made significant improvements to the ambiance of the home. Martham Lodge is registered for 20 residents, all of whom may be in the "with dementia" category.

Ray & Sue have recently approached the Society to assist with the purchase of a third home which is registered for 18 residents all of whom may be in the "with dementia" category.

This transaction is at an early stage, but the Society has agreed to advance 70% of the purchase price of the new home with the deposit being raised from the considerable equity within their existing premises.