A developer approached Karis Capital seeking development finance to fund the construction of two residential towers in Manchester.

Since the introduction of Gateway 2 under the Building Safety Act, one of the biggest challenges facing high-rise residential developers has been the wait. The conventional approach requires full Gateway 2 sign-off before construction can commence, leaving schemes sitting idle for up to a year.

Karis Capital structured both facilities in a way that allowed the borrower to commence works while Gateway 2 approval ran concurrently alongside the construction programme. The sign-off was broken down across different phases of the scheme and built into the build programme from day one so that each stage was cleared in sequence without holding up the works.

Two facilities were secured totalling £31,000,000 across both towers, giving the client the ability to start the development without Gateway 2 holding the programme up.