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| Merchant Hotel: Ulster Bank sells loans attached to Belfast hotel | Merchant Hotel: Ulster Bank sells loans attached to Belfast hotel |
| (about 1 hour later) | |
| Ulster Bank is selling loans attached to Belfast's high profile Merchant Hotel, according to a report. | Ulster Bank is selling loans attached to Belfast's high profile Merchant Hotel, according to a report. |
| They are part of a portfolio known as Project Nadal which includes loans attached to pubs and hotels across Ireland. | They are part of a portfolio known as Project Nadal which includes loans attached to pubs and hotels across Ireland. |
| The bank is selling a variety of loans in a move to reduce its involvement in property-related lending. | The bank is selling a variety of loans in a move to reduce its involvement in property-related lending. |
| Beannchor, the firm which owns the Merchant, says it would be business as usual. | Beannchor, the firm which owns the Merchant, says it would be business as usual. |
| However, the firm will have a new lender. | However, the firm will have a new lender. |
| The Belfast Telegraph has reported that loans on a number of pubs controlled by Beannchor are also for sale. | The Belfast Telegraph has reported that loans on a number of pubs controlled by Beannchor are also for sale. |
| They include the loans on the Garrick and Whites Tavern in Belfast. | They include the loans on the Garrick and Whites Tavern in Belfast. |
| A spokesman for Beannchor said: "This process is part of a well-publicised strategy by Ulster Bank to reduce its debt book, north and south. | |
| "For Beannchor, it means we will have a new funder, but other than that, it is very much business as usual for The Merchant and the pubs in this portfolio. | |
| "Our focus on the successful running of these high-performing assets continues unabated." | |
| Borrowing | Borrowing |
| Beannchor is owned by Bill Wolsey, who is one of the leading figures in Northern Ireland's hospitality business. | Beannchor is owned by Bill Wolsey, who is one of the leading figures in Northern Ireland's hospitality business. |
| Not all the loans on his premises are for sale. | Not all the loans on his premises are for sale. |
| For example, a group of pubs he bought in 2011, and held in a company called North Down Leisure, are funded by borrowing from Santander. | For example, a group of pubs he bought in 2011, and held in a company called North Down Leisure, are funded by borrowing from Santander. |
| Ulster Bank has been rapidly reducing its property-related lending over the last 18 months. | Ulster Bank has been rapidly reducing its property-related lending over the last 18 months. |
| It is also selling a portfolio of loans called Project Achill which includes the borrowings related to office buildings in Belfast's Titanic Quarter. | It is also selling a portfolio of loans called Project Achill which includes the borrowings related to office buildings in Belfast's Titanic Quarter. |