"This was a time-critical refinance on a significant scheme, where the borrower needed clarity and certainty within a very short timeframe"
- Henry Manley-Cooper - Hampshire Trust Bank
Hampshire Trust Bank has completed an £8.5m bridging facility to refinance a residential development site on Michigan Avenue, Salford, with the transaction closing within one week of issuing the offer.
The site carries full planning permission for 365 apartments and ground-floor commercial space, forming part of a wider multi-tower development in the Salford Quays area. The scheme has a gross development value of £113m and was progressing towards Gateway 2 ahead of longer-term development funding.
HTB structured a 12-month serviced land bridge at 65% LTV. The borrower, an experienced UK developer with a track record on large-scale residential projects, needed a short-term solution to refinance their existing lender while keeping the scheme on track.
The driver was straightforward: the existing facility was approaching the end of its term, and renewal costs made a swift refinance the more practical route. Maintaining pace towards Gateway 2 made certainty of funding critical.
"This was a time-critical refinance on a significant scheme, where the borrower needed clarity and certainty within a very short timeframe," said Henry Manley-Cooper, deputy managing director, bridging finance at Hampshire Trust Bank.
"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."
He added, "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."
The deal was introduced by Jack Medicott, partner at Word On The Street.
"This was a time-sensitive refinance where the client needed certainty quickly," Medicott said.
"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."
If you’re exploring bridging or development finance, get in touch and we can connect you with the right lender.
