The £4.9m package will be used to support an unnamed developer in its purchase and renovation of a commercial property in central Manchester.

This includes a £1.5m bridging loan and a £3.4m development facility.

The funds will be used for the purchase and renovation of the site — made up of commercial space and basement accommodation — over the next 24 months.

The aim is to convert the building, which already has planning for change of use, into serviced office space.

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“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,” said Cameron Hayes, director at Arc & Co.

“We look forward to working with 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.”

Marc Goldberg, CEO of sales and distribution at Together, added: “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.”