Client: Experienced property developer converting a commercial building into residential apartments, Manchester
Deal Value: £1,200,000
The Challenge
The developer had exchanged contracts on a former commercial office block with a tight 28 day completion deadline. Traditional development finance was taking too long to arrange and the vendor was unwilling to extend. Without fast finance the developer risked losing their deposit and the entire deal.
The Solution
We approached a specialist bridging lender with experience in commercial to residential conversions. By presenting a detailed schedule of works, planning permission documentation and a clear exit strategy via development finance refinance, we secured a formal bridging offer within 5 working days.
The Outcome
The developer completed on the property within the 28 day deadline, preserving the deal and their deposit. The bridging loan was subsequently refinanced onto a development finance facility allowing works to begin immediately.
We were days away from losing everything on this deal. They turned it around faster than we thought possible and saved the entire project
— Client — Property Developer, Manchester