Manchester No.1 Deansgate Apartment

Overview

A 2-bedroom 2-bathroom 1,000 sq ft apartment in the most prestigious building in Manchester. This building is one of a kind, and we were very fortunate to lend our support to this significant part of history. The client is undergoing a big refurbishment and plans to sell the property.

Challenge

The property had its complications, including a high service charge and ground rent, which would deter regular lenders; however, we stood by our client, as the price at auction was relatively low. At LendFirst, we always strive to see it through to the end and find solutions for all our clients.

Outcome

• Auction purchase secured with £196,500 bridging finance
• Funding completed within just 2 days
• First charge registered to safeguard lender and borrower interests
• Apartment successfully getting refurbished ready for sale

Key Takeaways

This Manchester apartment case had its drawbacks and positives, as the service charge and ground rent were relatively low; however, the client’s purchase price was eye-opening, which helped us proceed with the loan. Now, the apartment is undergoing refurbishment for sale, all thanks to LendFirst.