THE FAMILY-run business behind the 9.5 acre, Perthshire-based River Tilt holiday park has secured a multi-million finance package from Cambridge & Counties Bank to refinance existing debts, invest in redeveloping the site and add new leisure facilities.
The finance package from the bank includes a six-figure Refurbishment Loan, a dedicated product aimed at supporting property investors and developers looking to enhance the value of assets through light redevelopment and refurbishment programmes.
Located 30 miles north of Perth in Scotland, River Tilt Park has been owned by family-run Richardson & Others since 1981. Set within the stunning scenery of Cairngorms National Park, an area of outstanding beauty which hosts over 1.5 million visitors each year, River Tilt Park offers 52 lodges and 64 static caravan pitches as well as a variety of utility buildings and a leisure club with swimming pool, gym, and restaurant.
The funding from Cambridge & Counties Bank will support the refurbishment and upgrades of on-site cottages as well as the bar, restaurant, and leisure centre. It will also help complete the redevelopment of The Roundhouse Inn, a substantial two-storey building of stone sitting in 0.8 acres currently being extended and refurbished.
Cambridge & Counties Bank is one of a few lenders to offer Refurbishment Loans, with the bank rolling out a promotional campaign in Q1 2024 to drive awareness. Key features include no valuation fee until the loan is approved, the ability to convert into a term loan, with loans available up to £2.5m for experienced property investors.
The bank saw strong demand for its extensive real estate finance (REF) product suite in 2023 and is forecasting continued demand in 2024 as professional property investors and businesses look to expand portfolios and develop assets.
At the start of 2024, the bank introduced a new REF team structure to better cater for demand from different types of customers for lending solutions and the need for ever greater levels of tailored, relationship-based service – even with clients looking for smaller loans.
Stuart Richardson, Director, Richardson & Others, said: “River Tilt Park has become a very popular, successful holiday destination in this area of Scotland, and it’s great to be able to capitalise by expanding the site, adding more facilities for our guests and refurbishing some key assets.”
Barry Rodger, Senior Relationship Manager, Cambridge & Counties Bank, said: “We’re delighted to be able to support the team at Richardson & Others with a bespoke lending package, including our refurbishment solution, as they look to invest in their business and grow.
“Refurbishment loans can be a flexible means to upgrade properties and add value, and a very useful option for many professional investors and businesses.”
