Hampshire Trust Bank (HTB) has completed an £8.5m bridging facility to refinance a residential development site in Salford.
The facility, arranged with Word On The Street, was secured against a site on Michigan Avenue with full planning permission for 365 apartments and ground-floor commercial space.
The scheme forms part of a wider multi-tower development in the Salford Quays area and has a projected gross development value of £113m.
HTB said the transaction completed within one week of issuing the offer, allowing the borrower to exit an existing facility under time pressure.
The borrower, described as an experienced UK developer with a track record of delivering large-scale residential projects, required a short-term funding solution to refinance its existing lender while the scheme progresses towards Gateway 2, ahead of development funding and delivery.
The refinance was needed as the borrower approached the end of the term on its existing facility and faced potential renewal costs.
HTB structured a 12-month serviced land bridge at 65% loan-to-value. The transaction was introduced by Jack Medicott, partner at Word On The Street.
Henry Manley-Cooper (pictured), deputy managing director, bridging finance at Hampshire Trust Bank, says: “This was a time-critical refinance on a significant scheme, where the borrower needed clarity and certainty within a very short timeframe.
“By aligning early on valuation requirements and working closely with all parties throughout the process, we were able to maintain momentum and complete within one week of issuing the offer.
“We are seeing more cases where borrowers need flexible short-term solutions to manage tighter timelines and cost pressures on complex development projects, and that level of coordination is essential to keeping deals on track.
“It’s a good example of how, with the right alignment and pace, complex transactions can keep moving and reach the outcome they’re intended to deliver.”
Medicott adds: “This was a time-sensitive refinance where the client needed certainty quickly. From the outset, HTB understood both the urgency and the complexity of the transaction and took a pragmatic, solutions-focused approach throughout.
“The ability to align on key elements early, including valuation, and maintain clear and consistent communication across all parties made a real difference in keeping the deal on track.
“Completing within one week of offer on a scheme of this scale ensured the client could move forward with confidence and without disruption.”
