Hope Capital Property Finance completes complex development exit and refinance for South Luffenham Watermill Conversion

24 July 2026

Specialist lender, Hope Capital Property Finance, has completed a £2.3m development exit and refinance for an experienced borrowing entity, supporting the transfer of ownership between two limited companies and releasing capital while the remaining units progress to sale.

The security comprised a converted watermill in South Luffenham, Rutland, which had been refurbished and turned into a high specification holiday let before being converted to full residential use, alongside two houses within an adjacent pub conversion. The original application covered six apartments within the watermill and two houses, with two apartments reaching agreed sales during the underwrite and subsequently removed from the available securities. Hope Capital Property Finance adjusted its terms, accordingly, ultimately completing with charges over four apartments and two Grade II listed two-to-three-bedroom houses.

The facility was structured at 70% LTV over a 12-month term, with interest charged at 0.82% and fully deducted on day one. Given the scale of the facility, a full valuation was instructed, with title insurance put in place to support the legal process.

The deal was introduced by Max Mace, Director of NM Finance, and managed internally by National Account Manager Sam Lea, with Senior Underwriter Andrew Bate leading the underwrite throughout.

Max Mace said:

"Given the evolving elements of the deal it was essential that we were able to work with a lender who could make major adjustments to the terms of the loan without derailing the deal. It's the first time I've had the chance to work with Sam Lea but it didn't feel like it - I found it very easy to communicate and make adjustments when needed. I look forward to working with Sam more in the future."

The borrowers added:

"We appreciate it was a challenging deal with a lot of moving parts, however it was refreshing to have an underwriter who didn't shy away from the challenge and as a result has delivered an excellent outcome. The transition to the Loan Support Team has already been seamless and we can't wait to continue working with the post completions team."

Andrew Bate, Senior Underwriter at Hope Capital Property Finance, commented:

"A deal like this demands real focus and flexibility at every stage. There were moments when we were tested, but that's the kind of challenge I thrive on. Every deal like this makes you a better underwriter, and seeing it complete successfully for the borrower makes the hard work worthwhile."

This was the first deal completed, in what is expected to be a successful working relationship between NM Finance and Hope Capital Property Finance.

To find out more about Hope Capital Property Finance and its extensive product range call 0151 523 5998 or email: newdeals@hope-capital.co.uk