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Complex ground-up development loan in Manchester

Fiduciam granted a £5m loan for the ground up development of 38 flats in Manchester.  The development loan was structured to overcome the challenges posed by the complex property title and overage agreement, and to reduce the likelihood of cashflow squeezes during the project. The borrower’s testimonial: “There were elements to this site which had initially complicated obtaining development finance, also owing to the rigidity of the large banks.  Then Covid came along, disrupting supply chains.  Fiduciam worked closely with us to put in place a facility that alleviated cashflow pressures exacerbated by the pandemic.  Fiduciam went out of their way to overcome the complications and find solutions.”