Bank of Scotland Corporate offsetting was the key to a better finance deal for us", say owners Tony Orchard and Deborah Clark.
Set 200 metres off the South Devon coast on a private tidal island, Burgh Island is one of the UK's most famous hotels. Agatha Christie wrote and set two of her great murder mystery novels here while other celebrity guests have included Noel Coward, Edward and Wallis Simpson and Winston Churchill.
"We were looking to fund major refurbishments," Tony explains, "but, due to the hotel's popularity, the work could only be carried out during a narrow 'window' in January and February of each year – which meant the project would actually take two years to complete."
Deborah continues: "Our existing bank proposed overdraft funding, but Bank of Scotland looked at things differently. To reduce our overall cost of borrowing they suggested increasing our commercial mortgage instead. We were offered the funds for all the annual stages of restoration from day one and until it was needed, this cash was offset against our mortgage to reduce our interest charges. This way we also avoided the other bank's 1%
overdraft arrangement fees. It's a bespoke package that's perfect for our needs.
Now you have listened to what our customers have to say, perhaps you'd like to hear what we can do for your business. Why not call us on 0845 608 7882†? (Mon-Fri 9am-5pm).
Bank of Scotland Corporate offsetting was the key to a better finance deal for us", say owners Tony Orchard and Deborah Clark.
overdraft arrangement fees. It's a bespoke package that's perfect for our needs.
