Development FinanceNews

SPF arranges development funding for Manchester apartments

Mortgage broker SPF Private Clients (SPF) has arranged development funding on four luxury hi-spec apartments in south Manchester for developer Prestbury Estates. 

SPF brokered the deal with local lender Together Money, raising £3.8m in funding.

Russell Hall, director of SPF Private Clients, said: “The lender took a refreshingly proactive and commercial approach, completing all due diligence and releasing the funds within two months of us making the application on behalf of the developer.

“Without SPF’s role in the proceedings, Prestbury Estates would have been unable to continue with its growth aspirations, tying up all its cashflow on this single development.

“Our expertise and local knowledge enabled us to deliver the required funding for this scheme. We are delighted to be involved with such a prestigious development.”

Simon Kimble, director of Prestbury Estates, added: “We continue to push the boundaries for highly desirable properties in the local market but achieving the necessary funding can be a problem.

“SPF managed to find a great solution for us, allowing Prestbury Estates to continue its acquisition of further prime locations in the North West.”

The apartments are in Bowden, an affluent and desirable part of south Manchester. This level of debt against such high-value, high-spec apartments in this location is uncommon, with most lenders preferring to fund lower value, mid-market properties.

Each apartment offers significant living space, as well as comprising four bedrooms, while the penthouse apartment also has a cinema room.

The apartments are due to be launched in coming months and are already attracting significant interest from prospective buyers.

 

 

Show Comments

Enter your e-mail address to receive updates straight to your inbox