Local hotelier, Rami Dag approached Max for funding to purchase another Bournemouth hotel. He purchased his first hotel in late 2017 and then the, £1.6m, 43 bed Ullswater Hotel, which is just around the corner, came on the market. There were a number of problems to overcome.
Rami graduated in hotel management but this was in Turkey and although he had international experience of working in hotels, he only had about one year’s experience of running a hotel in this country. This was seen as a major drawback by some lenders. A further complication was Rami’s business partner, Maruf Gunes, who is Turkish.
With an overseas investor, the legal work was complex and involved many documents being sworn by a Notary Public. These documents then had to be translated. As Rami had not completed a full year’s trading and there was limited financial information available, the loan was based on projections, again something lender’s do not like. Max met both clients and was very impressed with them as genuinely likeable people, their knowledge of the industry and local market and their business acumen. With some setbacks Max eventually persuaded a lender this was a proposal to support. Everyone was delighted when we finally got this purchase over the line.
Rami said, “Max was brilliant throughout the transaction. He was available all the time to answer questions and without him we would not have been able to buy the hotel. He worked with the selling agent and my solicitor making sure that everyone knew exactly what was expected. I have no hesitation in recommending Max to business colleagues. In fact, we are already working on our next deal!”