United Trust Bank (UTB) Property Development was approached to provide funding to complete the acquisition and redevelopment of a site to create 33 new houses and apartments in a sought-after area of the North-West. The Bank was already funding a £12m scheme by the same customer which was approaching practical completion.
The new site comprised former utility land mainly used for parking and materials storage. The site’s former owners had also purchased a house which would be demolished to provide a suitable road access to the new homes.
The development will offer a mix of homes, from contemporary two-bedroom apartments to generous four and five-bedroom family residences, many of which will benefit from picturesque views over the golf course and towards the sea.
UTB agreed to provide a second facility of £13m representing 89% LTC to enable the purchase of the new site, fund various pre-commencement costs and the subsequent construction of the prestigious £19m scheme.
| Borrower | Regional Housebuilder |
| Amount | £13m |
| Loan Type | Acquisition and Development Facility |
| LTGDV | 68.5% |
| Term | 27 months |
| Location | North-West of England |
| Loan Purpose | Site acquisition and development of 33 new build homes |
| Special Feature | Fully funded across one phase |