Stockport’s Meadow Mill, the historic building badly hit by the severe flooding that swept the North West on New Year’s Day, is set to complete remedial works thanks to a £1.04 million bridging facility provided by local lender SDKA.
The mill, which houses several commercial units, suffered extensive ground-floor damage after torrential rain overwhelmed the site, disrupting utilities and forcing urgent repairs.
The funding will enable completion of the restoration works, which began immediately after the incident.
The building’s owners, working with broker firm Igloo, approached SDKA for funding.
BESPOKE FACILITY
The lender structured a bespoke £1,035,500 facility at 60% loan-to-value, secured against 21 completed residential apartments within the development, which are currently on the market.
The loan is structured over a 12-month term, with interest retained at 1% per month, and will be repaid through sales of the units.
RESPONSIBLE LENDING
Kunal Mehta, managing director at SDKA, says: “As a Stockport-based lender, we felt a strong responsibility to support the local community.
“This was a unique situation requiring a tailored approach, and we’re proud to have delivered a solution that supports the continued recovery of such an iconic site.”
And he adds: “The borrowers are experienced professionals, and it’s a privilege to play a small part in the ongoing restoration of Meadow Mill following an unprecedented weather event.”
SDKA provides bridging finance on residential, semi-commercial, and commercial properties across the UK.
The firm offers loans up to £10 million, with terms of up to 24 months and interest rates from 0.85% per month. Known for flexible underwriting, SDKA regularly completes deals outside standard criteria, drawing on strong funding partnerships and a case-by-case approach.
