A mill in Stockport that became emblematic of the New Year’s Day flooding across the North West is set to complete its repairs, supported by a £1,035,500 bridging loan arranged by SDKA.
Meadow Mill was badly affected when heavy rainfall caused flooding on the ground floor. Several commercial units were impacted and key utilities were disrupted. Remedial work began in January in response to the damage.
The building’s owners sought funding via broker firm Igloo, requesting a facility to complete the necessary restoration work.
SDKA visited the site to assess the situation and meet with the borrower. Following the visit, the lender offered a tailored bridging facility at 60% loan-to-value, secured against 21 completed apartments currently on the market. Repayment will be made through the sale of the units.
The transaction, which reached drawdown in six weeks, was agreed on a 12-month term with interest retained at 1% per month.
“As a Stockport-based business we felt an unwavering commitment to help the local community which is why, alongside our funding partners, we created a completely bespoke product to meet the applicant’s requirements," explained Kunal Mehta, managing director of SDKA.
“We always put the customer first and get under the skin of every project, and in this instance the building owners are hugely experienced property professionals who we were more than happy to support.
“In a small way, we feel privileged to be a part of the story of the re-restoration of Meadow Mill following an unprecedented weather event.”
SDKA is a bridging lender offering solutions on residential, semi-commercial and commercial properties throughout England, Scotland and Wales.
