A developer in Manchester was nearing completion of a mixed-use residential and retail scheme when their existing development finance approached expiry. Reservation timelines had shifted due to wider market delays, and the original lender refused to extend beyond the agreed term. Without a refinance, the client risked a forced sale of several units below market value.
Million Plus Private Finance prepared a lender ready review of gross development value, incorporating updated cost schedules and confirmed sales pipeline. We secured an exit loan at 60% loan-to-value, with interest deducted at drawdown to support cashflow. The refinance provided a full twelve-month window to complete unit sales at the correct pricing, preserving profit and eliminating default risk.
