The Cumberland Building Society has helped investors Mike and Elina James to transform their historic Eyemouth grain mill into a high-end holiday let.

The £1.1 million financing package, which utilises an interest-only five-year fixed rate, also includes funds for the development of the couple’s new family home, a 19th-century church in Kinloch.

The couple purchased the derelict mill in 2017, embarking on a restoration project. The property, which retains many of its original industrial features—including a water wheel—was a runner-up on Scotland’s Home of the Year.

INTRODUCER

The deal, brokered by Tamara Crowson, head of Scotland at Enness Global, allowed the couple to convert the property into a holiday let and provided equity release to support the renovation of their future family home in Kinloch.

Linda Slinger, intermediary relationship manager at the Cumberland, worked closely with Crowson and the clients to navigate potential hurdles, including the absence of a holiday let licence at the time of application and the complexities of a rural property valuation.

Slinger said: “Working on this unique project with Tamara, Mike and Elina was incredibly rewarding. At The Cumberland, we pride ourselves on building strong relationships with clients and brokers, ensuring their goals are at the centre of every decision. I’m thrilled to have been part of bringing this stunning property to life as a holiday let.”

“This was a truly unique project with complex financial requirements”

Crowson added: “This was a truly unique project with complex financial requirements. The Cumberland’s willingness to consider the clients’ long-term goals and tailor a bespoke solution was exceptional. They took the time to understand the challenges of valuing a one-of-a-kind property and provided a financing package that enabled the James’s to continue their journey as successful holiday let investors.

“From the outset, Linda’s commitment to this transaction was unparalleled. Her open communication, deep understanding of the market, and ability to anticipate challenges ensured a seamless process for all involved. This deal could not have succeeded without her expertise and support.”

“Our team’s deep understanding of the holiday let market allows us to deliver suitable mortgage solutions for properties like the Eyemouth mill”

Grant Seaton, head of intermediary lending at The Cumberland, added: “Our team’s deep understanding of the holiday let market allows us to deliver suitable mortgage solutions for properties like the Eyemouth mill. This deal demonstrates how we can support clients’ aspirations to preserve Scotland’s rich architectural heritage. We are proud to help the James’s create a one-of-a-kind destination that will attract visitors to the Borders.

“This case highlights our ability to think of the bigger picture and deliver on challenging transactions. We look forward to supporting more clients like Mike and Elina as they invest in Scotland’s thriving holiday let market.”