A £1.1 million development exit loan has been completed in 11 days for a residential project in Hale, Greater Manchester, according to lender Aspen Bridging.
The property, situated on the border of Altrincham, is a six-bedroom, eight-bathroom detached house spanning 6,889 sq ft. The development includes a swimming pool with pool house, cinema room, multiple private terraces, gym, and library.
Financing structure
The initial release of £707,000 comprised £500,000 to refinance an existing facility and £207,000 for ongoing construction costs. A further £310,000 is available in arrears to complete the project.
The loan was arranged at 40% loan-to-value on a stepped rate starting at 0.35% for 12 months. The developer expects to exit through a sale, with the property’s gross development value estimated at approximately £4.5 million.
Project background
The development encountered planning challenges after the developer modified the design during construction. Aspen Bridging used its dual representation legal service and internal RICS-qualified surveyors to process the application without an external valuation, despite the high-value asset and remaining construction work.
Richard Tweddell, Underwriting Manager at Aspen Bridging, said: “When we identify a scenario in which the project is being brought to fruition by a very experienced developer with a history of successful high-value projects, we act fast and deliver.”
Market context
The transaction reflects continued activity in Greater Manchester’s upper-end residential development sector. The £4.5 million projected sale value positions the property in the area’s higher price bracket, with the developer targeting the region’s premium housing market.
The 11-day completion timeline represents a compressed processing period compared to standard development finance arrangements, which typically take several weeks to complete.
