Refinancing a famous beach house on Cornwall’s South Coast

Having been within the family for five generations, our client, Martin Petherick, made the move in 2014 to open Porthpean House up as a venue for holidays and weddings.

The idyllic beach house sleeps up to 21 guests and can be rented for a range of occasions, from scenic getaways to wedding celebrations. The property also featured in the 2013 summer romance movie, About Time. 

When the existing mortgage was due to expire in June 2022, Martin approached us to refinance the property.

Martin Petherick, Owner of Porthpean House, said:

“The business has grown steadily since inception, but investment is needed to improve the facilities and increase accommodation to support the rapid expansion in Cornwall’s staycation and wedding sectors.”

With the tourism sector facing the impact of the pandemic over the past two years, we worked with specialist lender Together to obtain the required funding based on the property’s projections.

Sally Precious-Ward, Business Development Manager at Together said:

“Porthpean House is a beautiful seaside property on Cornwall’s stunning south coast, so its popularity as a sought after holiday and wedding destination comes as no surprise to us. The quality of the venue and its management, as well as a continued demand for staycations, made it easy for Together to make a lending decision. We’re delighted to have worked with our partners at Cornerstone Commercial Finance to meet their client’s investment ambitions.”

Matt Godfrey, Senior Commercial Manager at Cornerstone Commercial Finance, added:

“Martin has an impressive range of properties based on the South Coast of Cornwall and has had great success since opening up Porthpean House as a holiday and wedding venue. 

“The lack of lender appetite towards the tourism sector can cause disruption to those who have recently entered the sector, so it was a pleasure to secure Martin a solution that worked well for him and his business. 

“Finding the right product and lender for our clients is our top priority, and we’re excited to continue working with Martin to develop his portfolio further.”