14 Apartments — Marina View
Isle of Man

A developer had built 14 apartments overlooking a marina on the Isle of Man. The scheme was 90% complete — all structural work finished, most units plastered and fitted — but the original development funder's facility had reached its term end. The developer needed £750k to complete the final fit-out on the remaining units, finish the communal areas, and cover the marketing costs to bring the apartments to market. With 11 of the 14 units already reserved off-plan, the exit was strong — but the original lender wouldn't extend.

The Isle of Man sits outside the UK's standard lending jurisdiction. Most UK bridging lenders won't lend on Crown Dependencies, and those that do often apply significant rate premiums. The developer also had a personal guarantee issue with the original funder that needed resolving before any new facility could complete. The tight timeline — units were due for handover in 12 weeks — meant any delays in funding would result in lost reservations and reputational damage with the local estate agent.

We identified a lender from our panel with specific appetite for Crown Dependency lending who had funded projects on the Isle of Man previously. They understood the local property market and the strength of marina-side locations. We structured the facility as a short-term completion bridge with the security being the 14 apartments themselves — valued at approximately £1.8m in their near-complete state. The personal guarantee issue with the original funder was resolved by our solicitor as a condition precedent, clearing the way for the new facility to draw down cleanly. Funds were released in a single drawdown to allow the developer to complete all remaining works simultaneously.