A Stockport mill impacted by New Year’s Day flooding in North West will finish all remedial works thanks to a £1,035,500 bridge from SDKA.
Meadow Mill suffered significant damage after unprecedented rainfall inundated the ground floor, affecting several commercial units and knocking utilities out of action.
Works commenced immediately in January to address all the issues.
The owners approached SDKA through their broker firm, Igloo requesting the funds for completion of all repairs.
Having visited the site to assess the work and meet the customer, the lender agreed a bespoke bridging solution at 60% loan-to-value (LTV) with security taken against 21 apartments which are completed and being actively marketed. Exit will be through sale of the flats.
The deal, which reached drawdown in just six weeks, was completed on a 12-month term at 1% retained interest per month.
Kunal Mehta, managing director of SDKA, said: “As a Stockport-based business we felt an unwavering commitment to help the local community which is why, alongside our funding partners, we created a completely bespoke product to meet the applicant’s requirements.
“We always put the customer first and get under the skin of every project, and in this instance the building owners are hugely experienced property professionals who we were more than happy to support.
“In a small way we feel privileged to be a part of the story of the re-restoration of Meadow Mill following an unprecedented weather event.”
