Hampshire Trust Bank and Word On The Street complete £8.5m Salford land bridge in one week

28 April 2026

Hampshire Trust Bank (HTB) has completed an £8.5m bridging facility to refinance a residential development site on Michigan Avenue, Salford, supporting a 40-storey, £113m GDV development as it progresses towards Gateway 2 ahead of development funding and delivery. The transaction completed within one week of issuing the offer, enabling the borrower to exit an existing facility under time pressure.

The facility was secured against a site with full planning permission for 365 apartments and ground floor commercial space, forming part of a wider multi-tower development in the Salford Quays area. The borrower, an experienced UK developer with a strong track record of delivering large-scale residential projects, required a short-term funding solution to refinance their existing lender while maintaining momentum on the scheme.

The refinance was driven by the borrower approaching the end of the term on their existing facility and facing the prospect of renewal costs. With progression towards Gateway 2 a priority, maintaining pace and certainty was critical. HTB worked closely with the broker and maintained close alignment across all parties to ensure the transaction progressed without delay and the scheme remained on track.

HTB structured a 12-month serviced land bridge at 65% LTV, providing the flexibility needed to progress the development and move towards longer-term funding. The transaction was introduced by Jack Medicott, Partner at Word On The Street.

Henry Manley-Cooper, Deputy Managing Director, Bridging Finance at Hampshire Trust Bank, said:

“This was a time-critical refinance on a significant scheme, where the borrower needed clarity and certainty within a very short timeframe. By aligning early on valuation requirements and working closely with all parties throughout the process, we were able to maintain momentum and complete within one week of issuing the offer. We are seeing more cases where borrowers need flexible short-term solutions to manage tighter timelines and cost pressures on complex development projects, and that level of coordination is essential to keeping deals on track. It’s a good example of how, with the right alignment and pace, complex transactions can keep moving and reach the outcome they’re intended to deliver.”

Jack Medicott, Partner at Word On The Street, said:

“This was a time-sensitive refinance where the client needed certainty quickly. From the outset, HTB understood both the urgency and the complexity of the transaction and took a pragmatic, solutions-focused approach throughout.

“The ability to align on key elements early, including valuation, and maintain clear and consistent communication across all parties made a real difference in keeping the deal on track. Completing within one week of offer on a scheme of this scale ensured the client could move forward with confidence and without disruption.”