OSB Group completes £25.9m Manchester refinance in 21 days
OSB Group has completed a £25.9 million mixed-use refinance for a property developer in Manchester, funding a scheme comprising 93 apartments and basement commercial space at Barclay House.
The lender moved from formal offer to completion in 21 days, with funding arriving just over a month after the initial referral. The transaction was structured at 75% loan-to-value.
Bridging development and long-term finance
The developer required a short-term facility following practical completion of the residential element, allowing the business to exit its development lender, complete fit-out of the commercial space and establish rental income before pursuing a sale or longer-term refinance.
The tight timeframe required close coordination between OSB Group’s High Net Worth and Specialist Property Team, the borrower and its advisers. The lender conducted a site visit shortly after the initial enquiry to expedite credit approval.
Adrian Moloney, group lending distribution director at OSB Group, said: “This was a substantial transaction with a challenging timeframe, but by engaging with the borrower at an early stage and visiting the site within days of the initial enquiry, our teams were able to build a clear understanding of both the asset and the client’s objectives.”
He added that the borrower’s track record and the strength of the Manchester rental market informed the lender’s decision. The rental market in major regional cities has shown resilience in recent months, supporting investor appetite for mixed-use developments.
Market context
Aris Shanti, partner at A&M Investment Office, said the client needed a lender capable of taking a pragmatic view of a complex refinance while parts of the scheme remained under construction. “Although this was our first transaction with OSB Group, the team engaged early, worked collaboratively with the professional advisers and maintained clear communication throughout the process,” he said.
The transaction reflects broader activity in the specialist lending market, where speed of execution and flexibility have become key differentiators for developers navigating tight refinancing windows.
The completion of the refinance allows the developer to establish the commercial element of the scheme and build a track record of rental income before considering exit options.
