Seneca Bridging

Seneca provides £1.36m bridge for Manchester property development




Seneca Bridging has provided a £1.36m bridging facility for a Manchester-based property developer.

The North West-based bridging and development lender backed the client who was looking to develop a property located in the heart of Manchester.

The developer intended to turn the property into high-standard apartments and an office block.

Seneca was approached for a loan to cover both the residential and commercial property with flexible terms within a quick turnaround period.

The lender issued the terms within 48 hours of the initial enquiry and the deal was completed two weeks later with the £1.36m facility being issued for the development of the properties and to refinance out the incumbent lender.

“We are delighted to be supporting this client in bringing an ambitious plan to life, which transforms a notable location in Manchester,” said Dan Fellows of Seneca.

“We strive at delivering our funding support as fast as we can, because in this sector time plays a leading factor, which can either make or break the most groundbreaking of development plans.

“We recently completely refreshed our approach as a business and this deal shows just how quickly we can turn deals around.”

Graham Hall, corporate banking lawyer, and Penny Meadows, commercial real estate solicitor, both of Knights 1759, advised Seneca throughout the bridging deal.

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2 Comments

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    Peter

    Having an app will surely make things more modernized and easier for your clients, Richard Butler Creagh and his team are doing the right thing by investing in this.

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