Development Finance Process Manchester
Our proven 8-step process takes you from initial enquiry to completed exit. Indicative terms in 48 hours, funding in 2-4 weeks. Here is exactly what happens at every stage of your Manchester development finance journey.
Your Development Finance Journey — Step by Step
Every Manchester development finance deal follows a structured process. Our experience across 500+ transactions means we know how to navigate each stage efficiently, avoiding the delays and pitfalls that can derail less experienced brokers. Explore our full range of services to see the finance types available for your project.
Step 1: Initial Enquiry
Your development finance journey begins with a conversation. Whether you contact us by phone, email, or through our online enquiry form, the first step is a detailed discussion about your Manchester development project. We will ask about the site location within Greater Manchester, the scheme type (new build, conversion, refurbishment), the number and type of units you are proposing, your anticipated gross development value, total development costs, and your available equity contribution. We also want to understand your development track record — the projects you have completed, the scale you have operated at, and your team of professional advisors. This initial discussion takes around 30 minutes and gives us everything we need to assess your scheme against current lender appetite across our panel of 50+ specialist lenders. We do not charge for this initial consultation, and there is no obligation to proceed.
Step 2: Soft Credit Check
Before approaching lenders formally, we conduct a soft credit check on all borrowers and guarantors associated with the scheme. This is a non-invasive search that does not leave a footprint on your credit file and will not affect your credit score. The purpose is to identify any potential issues — CCJs, defaults, adverse credit history, or existing financial commitments — that could affect lender appetite before we submit a formal application. For Manchester developers who have been through the process before, this step is straightforward. For first-time developers, we will explain exactly what lenders are looking for and help you understand how your credit profile will be assessed. If any issues are identified at this stage, we can advise on which lenders have more flexible credit criteria or suggest steps to address concerns before proceeding.
Step 3: Terms Sheet
Based on our initial assessment of your scheme and credit profile, we approach the most suitable lenders on our panel and secure indicative terms within 48 hours of receiving a complete enquiry. The terms sheet outlines the key commercial parameters of the proposed facility — the loan amount, loan-to-cost ratio, interest rate, arrangement fee, facility term, drawdown schedule, and any specific conditions the lender may require. For Manchester schemes, we typically secure terms from two to four lenders, allowing you to compare options and choose the best fit for your project. We will walk you through each offer in detail, explaining the implications of different fee structures, interest calculation methods, and security requirements. Our recommendation is always based on the overall cost and suitability of the facility — not on which lender pays us the highest commission.
Step 4: Valuation
Once you have accepted indicative terms and the lender has issued a formal offer in principle, the next step is an independent valuation of the development site and proposed scheme. The lender will instruct a RICS-registered surveyor from their approved panel to conduct a Red Book valuation, which will assess the current market value of the site, the gross development value of the completed scheme, and the residual site value. For Manchester developments, we know which valuers have the best local knowledge and the strongest track records in the Greater Manchester market — this matters because an experienced local valuer is more likely to support the GDV assumptions that underpin your development appraisal. Valuation fees typically range from £3,000 to £8,000 depending on scheme size and complexity, and turnaround is usually 10-15 working days.
Step 5: Legal
With a satisfactory valuation in hand, the legal process begins. Both the lender and the borrower will instruct solicitors to handle the facility documentation, security registration, and any conditions precedent required before drawdown. Development finance legal documentation is more complex than standard mortgage documentation — it includes the facility agreement, debenture, legal charge, and often a building contract assignment, professional team warranties, and insurance requirements. For Manchester developers, we can recommend solicitors who specialise in development finance documentation and have established relationships with the legal teams at our panel lenders. This familiarity accelerates the legal process and avoids the delays that can occur when a borrower instructs a solicitor without development finance experience. Legal fees typically range from £5,000 to £15,000 for the borrower depending on deal complexity.
Step 6: Drawdown
The initial drawdown is the moment your Manchester development finance facility becomes live. The first drawdown typically covers the site acquisition cost (if the site is being purchased with the facility) and initial professional fees. Subsequent drawdowns are made in tranches as construction progresses, with each drawdown certified by the lender-appointed monitoring surveyor who inspects the site to confirm that works are progressing in line with the approved build programme and cost schedule. For Manchester developers, understanding the drawdown mechanism is critical to cash flow management. We ensure you understand exactly when and how funds will be released, what evidence the monitoring surveyor will require, and how to avoid the common delays that can disrupt build programmes. Our team remains actively involved throughout the drawdown phase to resolve any issues quickly.
Step 7: Build Monitoring
Throughout the construction phase of your Manchester development project, the lender-appointed monitoring surveyor conducts regular site inspections — typically monthly — to assess progress against the approved build programme and cost schedule. The monitoring surveyor certifies each construction drawdown request, confirming that the works completed to date justify the release of the next tranche of funds. This process protects both the lender and the developer by ensuring the project stays on track financially and operationally. For Manchester schemes, we work with monitoring surveyors who understand the local construction market — labour costs, material supply chains, and the specific challenges of building in urban environments across Greater Manchester. If issues arise during the build — cost overruns, programme delays, or scope changes — we can help mediate between the developer, the contractor, and the lender to find practical solutions that keep the project moving forward.
Step 8: Exit
The exit strategy is how you repay the development finance facility, and it is one of the first things lenders assess when considering your Manchester scheme. The most common exit routes for Manchester developments are open-market sales of completed units, refinancing to a term or BTR investment facility, or a bulk sale to an institutional investor or registered provider. For build-to-sell schemes, lenders will want to see evidence of demand for the completed units — comparable sales data, reservation levels, and marketing strategy. For BTR schemes, they will assess the rental market and the strength of the refinancing exit. Our knowledge of the Manchester sales and rental market enables us to help developers build compelling exit cases that satisfy lender requirements. If your sales or letting programme needs more time than the original facility term allows, we can arrange development exit finance to replace the senior facility at a lower interest rate, giving you the breathing room to maximise value from your completed Manchester development.
Ready to begin? Use our development finance calculator to model your scheme, then get in touch to start the process.
Document Checklist for Manchester Development Finance
Having the right documentation ready from the outset can significantly accelerate your Manchester development finance application. Below is the core document checklist that most lenders on our panel will require. Preparing these in advance can shave days or even weeks off the process timeline.
Scheme & Planning
- Detailed scheme appraisal or feasibility study
- Planning permission (or application details)
- Architectural drawings and floor plans
- Build programme and timeline
Costs & Values
- QS cost schedule or contractor tender
- Comparable sales or rental evidence (GDV support)
- Site acquisition details (price, terms, exchange status)
- Proof of equity contribution
Borrower Information
- Development CV showing previous projects
- 12 months' personal bank statements
- Asset and liability statement
- ID and proof of address for all directors/guarantors
Professional Team
- Architect details and appointment confirmation
- Main contractor details and build contract
- Solicitor contact details
- Warranty provider details (NHBC, Premier, etc.)
Not every lender requires every document from the outset, and requirements vary depending on scheme type and borrower profile. We will advise you on exactly what is needed for your specific Manchester development and help you prioritise the most critical items. If you are unsure about any of the above, get in touch and we will walk you through it. You can also explore our conversion finance page for document requirements specific to PD and conversion projects.
What Makes Our Process Different
There are dozens of development finance brokers who claim to operate in the Manchester market. Most of them are generalist firms that handle development finance as one of many product lines, using standardised processes that treat Manchester the same as any other city. Our process is fundamentally different, and that difference delivers tangible results for the developers we work with.
Speed That Matters
We issue indicative terms within 48 hours because our established lender relationships allow us to bypass the queue. When you submit an enquiry through a national broker, your deal joins a pipeline of hundreds. When Matt submits a deal to a lender, it gets personal attention because the lender knows the quality of our submissions and the depth of our local due diligence. This relationship-driven speed advantage is particularly important in the competitive Manchester land market, where being able to demonstrate funding certainty quickly can be the difference between securing and losing a site.
Lender Relationships Built Over 20 Years
Our relationships with Manchester's active development lenders have been built over two decades and hundreds of completed transactions. We know the BDMs personally, we understand their credit committee processes, and we know how to package deals in the format each lender prefers. This insider knowledge means fewer surprises, faster approvals, and better terms for our clients. When issues arise — and they always do in development finance — our relationships give us the ability to resolve them quickly rather than getting stuck in bureaucratic processes.
Manchester-Specific Due Diligence
Before we approach any lender with your scheme, we conduct our own assessment using our deep knowledge of the Greater Manchester market. We cross-reference your GDV assumptions against our database of comparable transactions. We assess your build costs against local benchmarks. We evaluate your site against the local planning context — including any area-specific policies or regeneration frameworks that could affect your scheme. This front-loaded due diligence means our submissions are robust, reducing the risk of valuation shortfalls or credit committee pushback. Explore our area guides to see the depth of local knowledge we bring to every deal.
Direct Access to the Decision Maker
When you work with Manchester Development Finance, you deal directly with Matt — a Director-level specialist with institutional banking experience and 20+ years in the market. You will never be passed to a junior processor who needs to escalate every question. This senior-level service means faster decisions, better advice, and a more efficient process from start to finish. Our service offering is built around this personal, expert-led approach.
Timeline Expectations for Manchester Development Finance
One of the most common questions we receive from Manchester developers is: how long does the process take? The honest answer is that timelines vary depending on scheme complexity, borrower experience, and external factors like valuation and legal turnaround. However, our track record across 500+ completed transactions gives us a reliable benchmark for what developers can expect.
| Stage | Typical Timeline |
|---|---|
| Initial enquiry to indicative terms | 24-48 hours |
| Credit check and lender shortlisting | 1-2 working days |
| Formal application and terms sheet | 3-5 working days |
| Valuation instruction and report | 10-15 working days |
| Legal documentation and completion | 5-10 working days |
| Initial drawdown | 1-2 working days after legal completion |
| Total: Enquiry to Drawdown | 2-4 weeks (typical) |
For straightforward Manchester schemes with experienced borrowers, clean credit, and complete documentation, we have completed funding in as little as 10 working days from initial enquiry to first drawdown. Complex schemes — particularly those involving mezzanine or JV equity structures, multiple sites, or unusual planning situations — may take longer. The most common cause of delay is incomplete documentation from the borrower, which is why we provide our comprehensive checklist upfront and work closely with you to ensure everything is in order before we approach lenders.
If you are working to a specific deadline — for example, an exchange deadline on a site acquisition or a planning permission expiry — let us know at the outset and we will structure the process to meet your timeline. Our lender relationships and Manchester market expertise give us the ability to accelerate the process when speed is critical. Use our development finance calculator to model your scheme, then get in touch to start the process. You can also browse our case studies to see real timelines from recent Manchester deals.
Ready to Start Your Manchester Development Finance Journey?
The first step is a no-obligation conversation about your project. Get indicative terms within 48 hours and a clear roadmap to funding your Manchester development.
Or explore our full range of services, area guides, and case studies to learn more about how we fund Manchester developments.