When SSE announced their £8 billion infrastructure project in the Western Isles, it created an unprecedented demand for worker accommodation. A forward-thinking local construction firm identified the perfect solution: a disused nursing home in Stornoway that could be transformed into vital accommodation facilities.
The challenge? The sellers wanted a quick sale, and the project required immediate funding for both purchase and complete refurbishment. Traditional financing would take too long and wouldn’t cover the renovation costs.
Secured bridging finance approval within 48 hours, beating the competition to the property.
Covered both property purchase and full refurbishment costs in a single facility.
Preserved the client's working capital for ongoing business operations.
Once the redevelopment is complete and the accommodation hub is fully operational, Calmaire Finance will arrange a commercial mortgage to refinance the bridging facility, reducing costs and providing long-term financial stability.
A vacant nursing home in Stornoway was perfect for conversion, but the sellers wanted a quick sale. Any delays would mean losing the property to competitors.
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