Finance deal unlocks moated house restoration

Bridging Finance has provided funding of £135,000 towards Harewood Associate's £2m restoration of a moated house in Knutsford, Cheshire.

Hulme Hall in Allostock is a grade 2-listed building, located on a moated 2.6 acres site which is a scheduled ancient monument and joined with a grade 2-listed bridge.

The property originates from the 15th century and has been in disrepair for more than 10 years.

Peter Kiely, investment manager at Harewood Associates, said: "Hulme Hall is a one of a kind restoration project. We had to move fast to purchase the property and needed £135,000 to complete the transaction.

"Banks are still hesitant to lend on renovation projects of this scale so we approached Bridging Finance Limited, who we've successfully worked with in the past, for fast access to funds.

"Thanks to the quick and flexible short term finance Bridging Finance provided work is well underway on the site. We're working with conservation officers and archaeologists to restore this home to its former glory. Initial estimates suggest it will be worth £2m once completed."

Chris Baguley, managing director of Bridging Finance, said: "Hulme Hall is going to be one of Cheshire's most sought after homes.

"High street banks need time to undertake their due-diligence to provide long term loans and this can often be a barrier to securing a one-off investment opportunity. Short term funding is perfect for any property professional who needs to act quickly.

"We were in a position to provide fast access to finance so that Harewood Associates could acquire this fantastic property."

Plans for Hulme Hall include creating six bedrooms all with en suite facilities, a dressing room, a gym, snug, living accommodation, formal dining room and a detached garage block with room for five cars with ancillary living/office accommodation above.