AFIG Secures 3 Separate Funds On This 300 Residential High-Rise In The Heart of Manchester!

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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.

If you want to discuss more about our Bridging Finance service, do not hesitate to get in touch today!

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