When Kashif Ahmed and Rushna Ghaznavi, accountants and commercial property owners, set their sights on Holm House, an iconic property overlooking the Penarth seafront, they saw more than bricks and mortar. With a strong track record in commercial property, the pair envisioned turning the site into a destination venue that would bring together best-in-class operators across rooms, restaurant and spa, creating one seamless experience for guests.
It was a bold plan and not one that traditional lenders were willing to back. With the hotel closed, there was no recent trading history to rely on, and this, combined with caution in the hospitality sector and the couple’s lack of direct hotel experience, meant most banks saw risk rather than opportunity. That is, until Allica Bank stepped in.
Working with George Corrigan of Capitalise, Kashif and Rushna secured a loan for the refurbishment through Allica’s new bridge-to-term offer, locking in long-term certainty for the future.
“George and the team took what could have been a stressful, uncertain process and turned it into something simple and straightforward”, said Kashif. “Knowing from day one that our long-term finance was secured gave us the confidence to focus on growing the business. The bridge-to-term loan really was the perfect fit.”
The £1.8 million deal was introduced by George Corrigan of Capitalise and was delivered with the support of Allica’s Andy Reeder and underwriter Jade Lidiard. By combining short-term bridging finance with a guaranteed long-term exit, subject to performance, the product reduced costs, saved time, and gave the borrowers certainty to progress with their vision for Holm House.
George Corrigan, Senior Funding Specialist at Capitalise, said:
“Having access to innovative products like Allica’s bridge-to-term loan means we can deliver smarter solutions, faster. This really is a game-changer for us as it gives businesses the confidence to move forward with their plans, knowing they’ve got certainty and support from day one.
“Deals that might otherwise have stalled now have a clear path forward, and that makes a huge difference in the current market. Big thanks to Andy Reeder and the team at Allica Bank for collaborating so closely to get this done with a tight deadline.”
Andy Reeder, Business Development Manager at Allica Bank, added:
“At Allica, we’re committed to building products that genuinely make life simpler for brokers and their clients. This deal is especially significant as it represents the first major bridge-to-term facility we’ve completed since launching the product in June.
“We’re also one of the very few banks in the UK able to offer this kind of solution, giving established businesses a new way forward while cutting out unnecessary cost and complexity. Holm House is an exciting project, and we’re proud to play a part in its future.”
With the finance in place, Kashif and Rushna can now hit the ground running with their transformation of Holm House, confident they have the financial foundations to match their ambition.
