Hennessy Jones Corporate Finance has helped fund a project on a former office block with outline planning consent for 72 apartments.

The lender was approached to loan 60% LTV on the site near Old Trafford after the borrower had been let down by another lender at a critical stage of the project when a notice to complete was due to be served.

To allow the loan to go through in good time, Hennessy Jones accepted a re-type of the original valuation report carried out two weeks earlier.

The loan was an SPV over four months at 1.25% with pre-sales agreed as an exit and completed during the notice to complete period.

Nick Sneddon, Head of Bridging at Hennessy Jones, said: “We were pleased with how smoothly our internal systems ran and the way in which our solicitors’ legal process operated.

“Hennessy Jones Corporate Finance has worked hard in securing ‘trusted partners’ to work closely with and this is another example of that hard work paying off.”