Vision Tower is proposed to deliver over 300 residential units to Manchester City Centre with a Gross Development value of over £125m.
However, being one of the very last remaining city centre development sites, the client had to move quickly in order to secure the purchase – land with planning, not always the easiest but doable… however, throw in an equity loan and a VAT loan too – this made it a little trickier.
Another ‘quirk’ to this one is that the client had taken an option 6 months earlier and had enhanced the planning and as such the value – from circa £8m to £12m so wanted to to work with the higher value as he had added considerable value to the scheme…
So, what did we secure?
We secured him;
- A bridging loan at 85% of purchase price (60% of the new valuation)
- An equity loan of 10% of the new valuation
- A fully funded VAT loan of 20% of purchase price
All with three separate lenders!
We are pleased to report that after countless calls, emails and meetings, we managed to complete on the acquisition in the allotted time-frame allowing the client to continue with his intended plans for the site.