Peritus secure a c£11m facility at 72% GDV

06 January 2023

Peritus is delighted to announce the completion of a new development facility to deliver 106 apartments and 6 new build townhouses in Bolton. 

The project will involve converting an existing mill building into 106 apartments. The properties will be typically 1- and 2-bedroom apartments in an attractive building with strong connections to rail and air transport and around 12 miles from Manchester which can be reached within 30 minutes by car.

This is the second mill conversion for the developer who brings considerable expertise and a strong track record in contracting to the scheme.

Peritus were able to secure a c£11m facility at 72% GDV in a challenging market giving the developer 100% of their construction costs.  The developer already owned the property and had secured the planning consent as well as beginning a strip out of the property to shell and core.

Steven Oliver, COO at Peritus said, ‘we are delighted to have been able to deliver an excellent funding package at a challenging time in the market. The scheme will become a local landmark and we are excited to see the finished product.  With development finance under pressure from increases in the cost of debt and construction cost inflation we are delighted to have secured such a competitive funding package for our client’.

In addition to securing the development finance, Peritus also secured the development’s New Build Warranty package. Peritus maintain excellent relationships with a full range of warranty providers, negotiating policy wording, payment terms and pricing on behalf of clients. We assisted this client by obtaining multiple offers of 10 years cover, to satisfy both the lender and the future buyer. We negotiated the price and contract wording with an established structural warranty insurance provider, recognised by lenders and offering A-rated cover.