London, November 2024 – Enness Global has successfully facilitated a £1.1 million financing package for Mike and Elina James, enabling the transformation of their historic Eyemouth grain mill into a luxury Holiday Let, alongside an equity release for the renovation of their new family home in Kinloch.
A Unique Vision for a Historic Property
The James’s journey began in 2017 when they purchased the derelict Eyemouth mill, embarking on a full-scale restoration to preserve its original industrial features, including a historic water wheel. Their commitment to restoring the property earned it recognition as a runner-up in Scotland’s Home of the Year. Today, the mill is poised to become a high-end destination for luxury travellers seeking a unique experience in the scenic Scottish Borders.
Bespoke Financing for Complex Needs
The financing, brokered by Tamara Crowson, our Head of Scotland, enabled the couple to transform their property into a premium Holiday Let, while also securing the equity release necessary to complete the renovation of their new family home.
The £1.1 million financing package was structured by The Cumberland Building Society, known for its expertise in Holiday Let lending. This deal highlights the growing demand for tailored financial solutions to support Scotland’s thriving Holiday Let market and preserve its rich architectural heritage.
Overcoming Challenges Through Collaboration
Navigating complex transactions is a hallmark of Enness Global’s approach. This deal was no exception. Linda Slinger, Intermediary Relationship Manager at The Cumberland, worked closely with Enness Global and the James family to address key hurdles, including the absence of a Holiday Let licence at the time of application and the challenge of valuing a one-of-a-kind rural property.
Thanks to a flexible, interest-only, five-year fixed-rate loan, the James’s now have the financial stability needed to establish the Eyemouth mill as a sought-after Holiday Let.
Expert Insights and Client-Centric Solutions
“The Cumberland’s support was instrumental in making this deal a success. Their ability to understand the long-term goals of our clients and to tailor a bespoke solution was crucial,” said Tamara Crowson. “The challenges of valuing such a unique property, alongside its potential as a Holiday Let, were addressed through a flexible and thoughtful financing structure.”
Linda Slinger echoed this sentiment: “This was an incredibly rewarding project. It’s a great example of how The Cumberland’s expertise and collaborative approach, alongside Tamara’s market knowledge, helped to bring this stunning property to life as a luxury destination.”
Leading the Way in Scotland’s Holiday Let Market
Grant Seaton, Head of Intermediary Lending at The Cumberland, added: “This project demonstrates the depth of our expertise in the Holiday Let market. It’s about understanding the broader vision for properties like the Eyemouth mill and delivering the right financial solution to make it happen. We’re proud to support the James family in creating a unique experience for visitors to the Scottish Borders.”
Supporting Scotland’s High-Value Property Market
This deal underscores Enness Global’s growing presence in Scotland and our ability to support clients with bespoke financing solutions in the luxury property and Holiday Let sectors. With the James’s project set to be a flagship for high-end Holiday Lets in Scotland, Enness Global and The Cumberland continue to lead the way in supporting investors with complex, high-value transactions.
