Arc & Co. and Together partner on £4.9m of lending to developer client
By Bridging Loan Directory
The funding package comprises a bridging loan for the acquisition of a prestigious property in central Manchester, and a development loan to finance its renovation
Working together for the first time, specialist debt advisory firm Arc & Co. and property lender Together have completed on two loans, supporting a developer with a £1.5m bridge and £3.4m development facility.
The central Manchester property is made up of commercial space as well as basement accommodation, and the funds will be used for its purchase and renovation over the next 24 months.
The client intends to convert the building—which already has planning in place for change of use—into modern, high-quality serviced office space.
Cameron Hayes, Director at Arc & Co., commented:
“We’re pleased to have advised on and completed the funding for this office development, for a client who is actively looking to grow in the best-in-class commercial space.
We look forward to working them on their continued journey to deliver quality serviced office space in key cities like Manchester.
It was our first transaction with Together, and we’re very happy with the outcome.
Their team have been fantastic to work with, and we hope to build a long and fruitful relationship for the future.”
Marc Goldberg, CEO sales and distribution at Together, said:
“This area is a real gem of central Manchester, and we are delighted to be able to help the borrower with this acquisition.
Working alongside Arc & Co., we have been able to navigate a financial plan that works best for all parties involved.
They have been brilliant throughout, and we hope to continue working with them in the future on more exciting projects.”
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