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This is an on-going development loan. I took out a development loan from Wellesley of £2million for a period of 18 months. The purpose of this loan was to bridge and redevelop a 5 storey building located in Manchester City Centre. At the time of purchase the building consisted of 17 low quality student rooms, with a disused restaurant at basement level. The LTV on this loan was 70% with an exit strategy to sell the apartments and create a long term commercial loan for the basement space. My vision was to transform the building into a highly energy efficient development of 35 apartments for the young professional market, together with a ground floor retail component which has been refurbished for a national supermarket operator. Why I picked Wellesley Wellesley was recommended to me as a straight talking open minded lender that could make quick decisions and not an inflexible traditional box ticking lender. Wellesley has proven both flexible and fast and they got behind my vision right from the start. They have supported me fully throughout the scheme and it has felt like they have acted as my partners rather than as my lender. Wellesley goes to visit Supporting our borrowers is highly important to Wellesley, we like to ensure that developments are running smoothly and that all parties involved are happy with the pace by which the work is being carried out. We took a trip up to Manchester to see how Stephen’s project was doing and we were very pleased to see that the project was running on schedule, and is set for completion at the end of January. We used the site visit as a great opportunity to undertake filming for our first borrower case study which is coming very shortly… Wellesley.co.uk