Property type: Residential, Project: Property development, Location: Greater Manchester, Service provided: Bridge loan and joint venture, Value: 90% deposit of property
- Property type: 184 apartments
- Project: Property development
- Location: Greater Manchester
- Service provided: Bridge loan and joint venture
- Value: 90% of purchase price
We were approached by a leading office-to-residential property developer who needed to act fast to secure a fantastic opportunity from receivership. The development proposals converted a former office building, Sim Chem House, into 184 one- and two-bedroom apartments.
After paying a 10% deposit, the developer was given only 21 days to provide the rest of the capital. To make matters worse, the deal took place over the Christmas period.
Our legal team worked extensively to draft contracts on a bridging loan for the remaining amount. Following completion of the purchase within the deadline, the developer entered into a joint venture with Infatrade to develop the property.