Funding a major business acquisition: how Complete Commercial Finance organised a commercial mortgage for Cranmer Country Cottages, Norfolk
When Becci and Chris Guy discovered the opportunity to purchase Cranmer Country Cottages in Cranmer, Norfolk, they knew they had found their dream business – a thriving holiday-let operation with huge long-term potential. However, the complexity of the funding required to make the acquisition possible led them to turn to Complete Commercial Finance.
Building on strong foundations: complex commercial mortgage solutions
Located near South Creake, Cranmer Country Cottages is a well-established holiday accommodation business in rural Norfolk. Set in a peaceful countryside location, the site includes several luxury cottages with leisure facilities. Becci and Chris first discovered the business “by chance” on Rightmove. “Chris showed it to me in the local pub,” explains Becci. “He said, ‘This is the end game,’ and I replied, ‘We can have that now!’”
Having worked with Complete Commercial Finance’s director, Karl Lanham on a previous enquiry a few years earlier, Becci knew exactly who to call to organise funding for the venture. “That earlier project didn’t come off,” says Becci, “but Karl was so good that I knew I could pick up the phone to him again. He didn’t earn anything from that work, but he still gave us his time. That stayed with me.”
With multiple lenders involved, a split purchase between commercial and residential elements, and the need to demonstrate holiday-let experience, the transaction quickly became challenging. Funding the purchase required a complex deal structure with a residential mortgage for the owners’ on-site home and a commercial loan for the holiday-let business.
“I’ve always been of the view that if you want a professional job, get a professional,” adds Becci, “and it’s no different when organising finance – why talk to a bank when you can work with a broker to achieve a solution? It was so helpful to be able to pick up the phone and speak with Karl.
“Although there is a team behind him, being able to deal with one person who knows and understands what’s going on is invaluable. Karl is so efficient and he never leaves you waiting. He listens carefully and is realistic in the advice he gives, which in many ways is as important as being interested and enthusiastic.”
Holiday let finance in Norfolk: making a dream a reality
With multiple lenders and legal teams involved, there were several stages of detailed questions and due diligence which resulted in a long, nine-month timeline with external delays. “The purchase wasn’t straightforward,” says Chris. “It got delayed through legal issues, and we ended up working a month and a half behind. There were points where it got very complex and having Karl as the person to go back and forth between us and the lenders, pushing for information and movement, was immensely reassuring.”
Both Becci and Chris run their own separate businesses, making time and co-ordination a real challenge, and while the couple initially prepared a set of figures, when further information was required it was Karl who helped to shape responses to achieve a positive outcome. “I don’t think we could have done it without a broker, and it was a real team effort between us, Karl and the lender,” says Becci.
“Karl’s professionalism and experience meant that he knew how to face challenges and turn things around. If a lender asked something that was unclear, he’d find out what they really wanted. Then he’d explain it to us in plain English. He knew how to turn a question around to show how we satisfied it, and that made a huge difference.”
“Having someone who can check, clarify and push things forward is invaluable,” says Chris. “Throughout the nine-month process, Karl checked in regularly with the lender, solicitors and underwriters, keeping us updated and reassuring us through the highs and lows. It wasn’t just a broker relationship, it felt like having a wingman.”
After months of detailed work, the funding for Cranmer Country Cottages was successfully secured and the purchase completed. “Once it was all done, Karl came to see us and have a look,” says Becci. “Right to the end, he remained supportive.”
The couple have a long-term vision to develop the site including modernising several cottages, adding hot tubs, creating a glamping site and converting a barn into luxury spa rooms. “It’s a massive adventure ahead of us, but really exciting,” she adds.
