12 Apartments — Isle of Man
Isle of Man

An established Isle of Man builder, with 12+ years' track record and several completed schemes behind them, was part-way through a three-block development. The first block of 12 apartments was about 70% built: wind and watertight, first fix done, plastered. The family had already put about £1m of their own money in and needed £726,000 to finish the job. The other two blocks, 8 more apartments, were due to follow once the first block's sales came through.

The Isle of Man sits outside the UK's standard lending jurisdiction. Most UK bridging lenders won't lend on Crown Dependencies, and those that do often apply significant rate premiums. The finance was for the first block only, but the lender needed comfort over the whole site, and the builder needed funds released quickly.

We identified a lender with a genuine appetite for Crown Dependency lending, one that understood the local market and the builder's record. We structured the facility as a short-term completion bridge for the first block of 12 apartments, with security taken over the whole 20-apartment site. Funds were released to allow the remaining works on the block to be finished, so the apartments could reach the market.