£14.2m senior debt for a 96-unit residential scheme
The incumbent lender withdrew three weeks before exchange. We agreed and drew replacement senior debt in 31 days.
Alex Paterson
A regional developer held planning consent on a 96-unit scheme in Salford and had exchanged on the site. Three weeks before completion their lender withdrew following an internal policy change, leaving a contractual obligation and no funding.
We had the case in front of three lenders inside four days. The work that made that possible was done up front: a full credit paper with a build cost review, a sales rate analysis benchmarked against three comparable local schemes, and a written exit strategy covering both refinance and phased sales.
Terms came back from two of the three. We negotiated side by side on total cost to exit rather than headline rate, which surfaced a £180,000 difference in arrangement and exit fees that the rate alone had hidden.
Valuation, legals and credit ran in parallel with daily chasing. Funds drew 31 days after instruction, four days before the contractual completion date.
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