12-Unit Residential Scheme

The developer had full planning permission for 12 apartments across two blocks in South Manchester but faced difficulties securing funding at competitive rates. Several high-street lenders had declined due to the developer's limited track record with schemes of this scale, despite having successfully completed smaller projects. The tight timeline — with planning permission due to lapse within 18 months — added urgency to the funding requirement.

We approached our specialist development finance panel, presenting the scheme's strong fundamentals: excellent location near transport links, competitive build costs from a reputable contractor, and strong comparable evidence supporting the GDV. By structuring the facility with a phased drawdown aligned to build milestones, we secured terms from a specialist lender comfortable with the developer's experience level. The facility included a day-one land drawdown of 60% LTV against the site value.

Funding was secured within 3 weeks of initial enquiry. The developer drew down the full facility over 14 months, completing the scheme on time and within budget. All 12 units were sold off-plan prior to completion, achieving a blended GDV 8% above initial appraisal. The developer has since returned for funding on two further schemes.