Making another offer

I find out that the RBS might be interested in providing financing since I have previously banked with them. I have to provide a business plan along with evidence for this , proofs for that and receipts for the other. My full time occupation is now filling in forms for the RBS and jumping through a series of hoops with no sign of a light at the end of the tunnel. I work out that I have to pay stamp duty of £26000 as well as solicitor and broker fees. The bank promise me an interest free month and I submit another offer to Fleurets which is accepted by their client - hooray!

A recent history

Frank and I have been doing our homework and find out that the present owners had made a planning application to turn the hotel into (holiday) flats. The proposal was rejected by the council with a lot of backing from the local residents who were determined that the area would be best served by a hotel in preference to holiday flats. We also find out that the hotel is a grade 2 listed building. In the meantime, Fleurets have increased the cost of the hotel and tell me there is another interested party. My bank account tells me I cannot afford it.

Disappointment

Fleurets contact me to say their client has rejected the offer.

Making an offer

It suddenly dawns on me that I might need to get some finance if I an going to seriously consider the purchase of the hotel. I find a company who specialise in commercial mortgages and they tell me that they aren't worried that the place has been empty for a couple of years or that I am unable to produce any balance sheets (since none exist). They don't need me to provide evidence of my financial standing and they don't even require a business plan from me. In conclusion, they will be happy to loan me the money as long as I don't mind paying an extortionate interest rate. I contact Fleurets and make an offer.

Prospective buyers

Fleurets are a bit concerned that I should make an offer without having seen the place so now it is my turn to go and have a look at the hotel. They are running one of their 'open days' so I am not the only visitor although the place is hardly heaving with prospective buyers. On this occassion, I am joined by a couple who already own "three sea front hotels in Brighton" and have made their fame and fortune from hen and stag nights. Somehow, I think that Eastbourne may not be ready for such excitement - my own view of the hotel's future is a long way away from this!

Up for sale again

Surprise, surprise as I have just got over the disappointment of losing the 'Stanley House Hotel' and now I get an email from Fleurets to say that it is back on the market. I quickly contact themand tell them that I am still interested and we arrange a viewing (which I cannot make). Farakh tells me that the place is a dump but it has lots of potential. There is a big hole where the ceiling is falling in and the place has been empty (derelict?) since Christmas 2005. We decide to put in an offer.

In the beginning

Just found out from the Fleurets website that the 'Stanley House Hotel' is up for sale so contacted them only to find out that the hotel was now under offer. I have never stepped inside the place but know that this is just the sort of place to complement the 'Gladwyn' although the particulars suggest it is a lot bigger. My disappointment at finding the ideal place then finding out that someone else got their first is heightened when I ring a fortnight later to be told that the new owners are to exchange that very day.