Stockport lender Together has provided a £2 million short-term loan in just eight working days to refinance a luxury apartment scheme.
RB Properties used the bridging loan to pay off the company which had initially funded the development of nine modern flats in Bramhall worth £4.2 million.
The complex had already been valued previously, and included two-bedroom luxury apartments, and a three-bedroom penthouse.
RB Properties also used the loan to unlock £200,000 of equity to reinvest into the business that is currently involved in three other schemes in the North West.
Alex Garland, Corporate Relationship Director at Together, said:
The apartment complex is fantastic, in an affluent area of the North West, and the completed scheme is already proving popular with buyers.
“On top of that, we have a long-standing and fruitful relationship with RB Properties, having worked with its directors for many years – and on various successful projects – so we were happy to provide the £2million bridging loan they were looking for.”
Michael Drogan of RB Properties said the Stockport lender’s refinancing provided the capital to press ahead with the company’s next project. The borrowers will exit the bridging loan with Together by selling the remaining apartments in the next three months. He added:
We wanted to pay back the original loan and inject some capital so that we could push on with the next of our high-quality developments.
“We’ve worked with Together over a number of years and it has always been fantastic. We brought the completed project to the lender because of its experience in this industry and it has enabled us to start on our next project while waiting for the Bramhall apartments to sell.”
Image: Together’s Alex Garland (L) and RB Properties’ Michael Drogan (R) at the Richmond Court development in Bramhall.