Completion Finance
Apartments — Isle of Man
Last updated
£726k to complete 12 apartments, the first block of a 20-apartment, three-block site on the Isle of Man, for an established local builder. About 70% built.
£726k
Facility
12 of 20
Apartments
c.70%
Built
12+ years
Builder track record
The Challenge
Our client is an established local builder with more than 12 years' track record on the Isle of Man. They were part way through the first block of a 20-apartment, three-block site: 12 apartments, about 70% built, with around £1m of their own money already in.
They needed £726,000 to complete the block. The challenge? Most mainstream development lenders don't lend on the Isle of Man. It's a Crown Dependency with its own legal system, land registry and property law.
The Complexity
The main difficulty was the location. The Isle of Man has a small pool of willing lenders, and many of those we approached either couldn't lend in the jurisdiction or didn't want a scheme part-built.
The legal framework also required specialist local solicitors, adding another layer of complexity.
Our Solution
We identified a specialist lender with experience of Crown Dependency lending who was comfortable with a part-completed scheme from an established builder.
The Outcome
Facility of £726,000 secured at competitive terms, enabling the builder to complete the first block of 12 apartments. The apartments sold after the facility was drawn and the block completed.
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