London, November 2024 – Enness Global has successfully facilitated a £1.1 million financing package for Mike and Elina James, supporting the transformation of their historic Eyemouth grain mill into a luxury holiday let while also releasing equity to support the renovation of their new family home in Kinloch.
The James family’s journey began in 2017 when they purchased the derelict Eyemouth mill and embarked on a full-scale restoration project. The work focused on preserving the property’s original industrial features, including its historic water wheel, while transforming the building into a distinctive luxury property.
The restoration earned recognition as a runner-up in Scotland’s Home of the Year. The mill is now being positioned as a high-end holiday let for visitors seeking a unique stay in the Scottish Borders.
The financing, brokered by Tamara Crowson, Head of Scotland at Enness Global, enabled the couple to continue transforming the property into a premium holiday let while also securing the equity release required to complete the renovation of their new family home.
The £1.1 million financing package was structured by The Cumberland Building Society, drawing on its experience in holiday let lending. The transaction demonstrates the importance of tailored financial solutions when supporting complex property projects and preserving Scotland’s architectural heritage.
The transaction involved several complexities, including the absence of a holiday let licence at the time of application and the challenge of valuing a highly individual rural property. Enness Global, The Cumberland and the James family worked together to address these requirements and structure a solution around the clients’ long-term objectives.
The resulting facility included a flexible, interest-only structure with a five-year fixed rate, providing the James family with the financial stability required to establish the Eyemouth mill as a luxury holiday let.
Tamara Crowson highlighted the importance of The Cumberland’s understanding of the clients’ long-term objectives and its ability to develop a bespoke solution around their individual circumstances. The unique nature of the property and its future potential as a holiday let required a carefully considered approach to both valuation and lending structure.
Collaboration between the lender, broker and clients helped ensure the transaction could progress despite the complexities associated with the property and its planned use.
The transaction reflects The Cumberland’s specialist experience in the holiday let market and its ability to consider the wider vision behind complex property projects. By taking a flexible approach to the transaction, the lender was able to support the James family as they worked to create a distinctive destination for visitors to the Scottish Borders.
This deal underscores Enness Global’s growing presence in Scotland and its ability to support clients with bespoke financing solutions across the luxury property and holiday let sectors. As the James family’s project progresses, the transaction demonstrates how specialist lending and tailored advice can help bring ambitious, high-value property projects to life.
