Development Finance in Greater Manchester

What development finance covers

Development finance is designed for building work rather than a completed, income-producing asset. Lenders typically advance against a share of the gross development value (the end value of the finished scheme) and a share of total cost (land plus build), and the facility is capped by whichever is lower. Land is often funded on day one, with build costs drawn down in tranches against a monitoring surveyor's sign-off as each stage completes. Interest is usually rolled up and settled at exit rather than paid monthly, which suits schemes that generate no income until units are sold or let. CoreFi arranges facilities for ground-up construction, permitted development conversions, heavy refurbishments and small residential-led mixed-use schemes.

Greater Manchester projects we work with

The city region runs from Manchester and Salford city centres out to Bolton, Bury, Oldham, Rochdale, Stockport, Tameside, Trafford, Wigan and the surrounding towns, and each area has a different development character. City-centre and inner-ring schemes in areas such as Ancoats, New Islington, Salford Quays and the Northern Quarter tend to be apartment-led conversions and higher-density new build. Stockport town centre and its Mayoral Development Corporation area, alongside regeneration in Bolton, Oldham and Rochdale, brings mixed-use and residential refurbishment work. Trafford Park and the wider Manchester ship canal corridor generate industrial and logistics unit development. We also arrange finance for suburban and greenfield-edge housing schemes across Bury, Wigan and Tameside. Whatever the district, the lender's view turns on the numbers and the developer's track record, not the postcode alone.

How CoreFi arranges your facility

We start with the scheme: land cost, build cost, gross development value, planning status and your experience as a developer. From there we model the facility against lender caps on loan-to-GDV and loan-to-cost, so you can see the likely maximum advance, the equity you would need to put in, the rolled-up finance cost and the residual profit before you commit. We then approach lenders whose appetite fits your project type, size and location. Because appetite varies by lender and moves over time, we cannot promise a particular rate, loan-to-value or an approval. What we do is present a well-packaged case to the right lenders and manage the process through to drawdown.

Indicative structure and figures

As an illustration only, senior development facilities in the current market often sit around a maximum of roughly 60 to 70 percent of gross development value and up to around 85 to 90 percent of total cost, with the lower of the two setting the loan. Stretch senior and mezzanine layers can lift the total leverage where the profit margin supports it. Arrangement fees and interest are scheme-specific. These ranges are illustrative and for context only; they are not a quote, an offer or a guarantee, and your actual terms depend entirely on the project and the lender's assessment. CoreFi is not authorised or regulated by the Financial Conduct Authority, and none is required to arrange unregulated commercial finance for limited companies.

Why work with a local broker

A development case is only as strong as the way it is presented. We package the land and build appraisal, planning position, cost schedule, exit strategy and developer background into a submission lenders can assess quickly, then match it to funders whose criteria fit. Being close to Greater Manchester schemes means we understand the difference between a city-centre conversion and a greenfield housing plot, and how lenders read each. We stay involved through valuation, monitoring surveyor sign-off and staged drawdowns, so momentum on site is not lost to funding delays.

Frequently asked questions