Finspace arranged the refinancing of a commercial bridge facility to a long-term commercial mortgage for a prominent Manchester developer. These initial funds were needed to fund the acquisition of a fully permitted site on which the developer planned to build residential units. The developer hoped to obtain the necessary financing by leveraging his own assets, which included a partially completed development and residential units.
We proposed a package in which we could raise capital and secure against two practically complete, wind and watertight units on separate titles to reduce the LTV, thereby assisting the developer in lowering his overall borrowing costs.