Funding to purchase a pair of semi-detached properties in Manchester

Funded:

£435,000

Location:

North West

Property Type:

Residential

Funding:

Bridging Loan

The Project

The client requested our funding to purchase a pair of semi-detached properties in Manchester, to add to their existing portfolio.

The Approach

The properties were in need of major refurbishment works which would be completed by the client using their own funds. Seneca were happy to proceed with the client’s request to carry out these works during our loan term.

The Outcome

Seneca provided a Gross Facility of £433,000 and look forward to receiving regular updates on the refurbishment of these fantastic properties.

Bridging Loans – Key Features

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  • Fast Decisions: Initial responses typically delivered within hours—perfect for time-sensitive situations like auction purchases.
  • Loan Size: £100,000 – £2.5 million.
  • Loan-to-Value (LTV): Up to 75% of the end value (Gross Development Value or market value), with flexibility available on a case-by-case basis.
  • Desktop valuations are available
  • Term: Usually up to 12 months, but occasionally longer if LTV can support it.
  • Interest Roll-Up: Interest can be “rolled up” and repaid at exit, easing cash-flow pressure during the loan term.
  • Interest Serviced: Interest can also be “serviced” allowing a larger day 1 cash drawdown (subject to serviceability).
  • Exit Strategy Required: Clear repayment strategy—such as sale or refinance—must be established at the outset.
  • Security: First legal charge on the property is required.
  • Transparent Costs: Arrangement fees typically start at 1%. No early repayment or exit fees, and no hidden admin charges.
  • Unregulated Product: these Bridging loans are not FCA-regulated, they are not available for owner-occupied residential properties.
Learn more about our Bridging Loans

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