"This was a truly unique project with complex financial requirements. The Cumberland’s willingness to consider the client’s long-term goals and tailor a bespoke solution was exceptional."
- Tamara Crowson - Enness Global
The Cumberland Building Society has announced that it has enabled investors Mike and Elina James to transform their historic Eyemouth grain mill into a high-end holiday let. The £1.1 million financing package, structured by The Cumberland, also includes funds for the development of the couple’s new family home, a 19th-century church in Kinloch.
Mike and Elina 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.
The deal, brokered by Tamara Crowson, Head of Scotland at Enness Global, allowed the James’s 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, who played a pivotal role in navigating this complex transaction, worked closely with Tamara 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. With an interest-only five-year fixed rate, the financing offers the James’s stability as they establish the Eyemouth mill as a high-end Holiday Let.
The Cumberland’s Holiday Let financing product is designed for sole traders, partnerships, and limited companies, with a particular focus on Scotland, England, Wales, and selected islands. Its lending expertise covers coastal locations, National Parks, and popular tourist destinations such as York and Bath, making it a leader in this growing market.
Linda Slinger, Intermediary Relationship Manager at The Cumberland, 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.”
Tamara Crowson, Head of Scotland at Enness Global, commented: “This was a truly unique project with complex financial requirements. The Cumberland’s willingness to consider the client’s 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.”
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.”
