SDKA has announced that it has completed a £522,500 residential purchase bridging loan in 12 days for a three-storey Victorian semi-detached property in Longsight, Manchester, despite a sui generis planning application not yet being submitted to convert the building into a 20-unit temporary homeless living facility.
A lease had already been agreed with a local charity, creating urgency to secure the property and begin renovation works as quickly as possible.
To accelerate the process, SDKA instructed the valuation before the formal bridging application was submitted, allowing the transaction to move forward without delay.
Once completed, the scheme will provide supported accommodation and communal facilities for future residents. The development will include:
18 ensuite studio apartments
An activity room and management office
A garden space
Disabled access through a lift, accessible bathrooms and adapted kitchens
The transaction was introduced by Harvest Commercial, an appointed representative of Optimum Elite. The facility completed at 65% LTV on a flat rate of 1.10% per month over a 12-month term, with exit planned through a refinance onto a longer-term product.
“Instructing a valuation prior to receiving the application form is very uncommon, but our underwriters had spent a significant amount of time talking to the broker and their client to completely understand the case, its timeframes and the end objectives,” said Kunal Mehta, managing director (pictured).
“In this instance, sui generis planning was essential to the deal as it is required for the incoming leaseholder and their charitable work, another element that made our desire to see this deal through to the end all the more apparent.”
