Development Finance for 86 Unit Apartment Block in Manchester

Deal Structure

70% Loan to GDV

Loan Amount £10,000,000

2% Arrangement Fee

8.75% per annum

No Exit Fees

15 Month Term

No PGs

Deal Summary

Positive Commercial Finance facilitated the funding for the construction of an Apartment Block on the banks of the River Irwell in the heart of Greater Manchester. The nine-story building with private balconies and roof terrace will include 86 high-specification waterside apartments affording impressive city and water views.

The developer client initially bought the site without planning consent, and went through the planning process to achieve the detailed planning permission for 86 units.

A Stretched Senior Debt“Costs to Complete” facility was provided, with no Personal Guarantees (PGs) required.

The development was pre-sold off plan and the deposits received will be used towards the construction of the development, greatly reducing the cash input from the developer.