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SPF completes near £4m development deal

  • 01/08/2019
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SPF completes near £4m development deal
SPF Private Clients has arranged a development finance deal worth £3.8m on four luxury apartments in Manchester.

Each apartment from the developer Prestbury Estates includes four bedrooms, while the penthouse apartment has its own cinema room.

SPF organised the finance with Together Money for the development in Bowden, with the apartments due to be launched in coming months. 

SPF said that it was “uncommon” to be able to raise this level of debt against such high-value, high-spec apartments, with most lenders preferring to fund lower value, mid-market properties.

Russell Hall, director of the broker, said that Together had taken a “refreshingly proactive and commercial approach”, completing all due diligence and releasing funds within two months of the application.

He continued: “Without SPF’s role in the proceedings, Prestbury Estates would have been unable to continue with its growth aspirations, tying up all its cash flow on this single development.”

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